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The Finance Ministry on Thursday announced a foreign exchange liberalization package to rein in the rise of the won and stabilize the foreign currency market. Parts of the plan are to be implemented as early as May 22 after the relevant regulations have been revised.
As part of the plan, individuals and businesses will be allowed to buy US$1 million worth of real estate overseas for investment purposes. So far, they have only been permitted to do so for residential purposes. The ceiling will be lifted in 2008 or 2009.
The ministry will also lower the rate of withholding tax on income from interest foreign investors earn from local bonds, from 25 percent to 14 percent. Another plan is to have won-dollar currency futures listed on the Chicago Board of Trade during the second half of the year to boost the status of the won in the international currency market.
(englishnews@chosun.com )
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