Foreign Exchange Control Act

Legislation in South Korea, passed in 1961, that liberalized currency conversion of the South Korean won. That is, the Act permitted international trade of the won. The Act required the Minister of Finance to maintain a record of exchange rates and allowed him to suspend convertibility in the event of an emergency. See also: Exchange controls.

References in periodicals archive ?

Improve restrictive regulations governing overseas exchange of the Korean won (Revision and implementation of Enforcement Decree on Foreign Exchange Control Act on April 3, 2006)

Measures to expand Korean won exchange overseas

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