Mofe backtracks over NDF rules

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South Korea’s Ministry of Finance and Economics (Mofe) has scrapped part of the controversial regulations restricting domestic banks from participating in the non-deliverable forwards (NDF) market, just a month after the rules were introduced in January.

The regulations, aimed at curbing volatility in the Korean won, sparked a storm of protest from domestic banks, forcing Mofe to backtrack on part of the rules, say dealers. “Government officials received a lot of complaints from onshore players

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