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Pooled forex reserves to climb

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.


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