Foreign Exchange Control Act
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved