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Pooled forex reserves to climb
February 12, 2009, Thursday
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Print Edition
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ASIAN finance ministers agreed to expand the amount of foreign-exchange reserves to be pooled and used to enhance financial stability in the region, South Korean Deputy Finance Minister Shin Je-yoon said.
Japanese finance ministry officials last month said deputy ministers in the region had discussed in November on expanding the currency pool to US$120 billion. Shin said in Gwacheon yesterday that the countries involved agreed to raise the amount from US$80 billion and an official announcement will be made after the finance ministers' meeting in Phuket in Thailand on February 22.
Japanese finance ministry officials last month said deputy ministers in the region had discussed in November on expanding the currency pool to US$120 billion. Shin said in Gwacheon yesterday that the countries involved agreed to raise the amount from US$80 billion and an official announcement will be made after the finance ministers' meeting in Phuket in Thailand on February 22.
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