Korea Raises Cap on Dollar Remittances

      June 09, 2023 11:35

      The cap on dollar remittances overseas that can be made without official approval will be raised from US$50,000 to $100,000 next month, the Ministry of Economy and Finance said Thursday.
      Currently, people have to submit documents to banks specifying the use of the money if their remittance exceeds that amount.
      The amount of borrowings businesses are required to report to the ministry and the Bank of Korea will also be raised from more than $30 million a year to over $50 million.

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