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(Dec 02, 2007) The Korean Finance and Economy Ministry released the Foreign Currency System Improvement Plan on November 8, 2007. Korea currently allows a Korean person or firm to transfer abroad up to US$ 3 million per person or firm to buy real estate for investment purposes. This limit will be removed during 2008. The government will also allow foreign remittances of up to US$50,000 without written proof of the purpose of the remittance. (Chon Su Yong, Kaigai sokin nenkan 5man doru made jiyuka e [Foreign remittance liberalized up to 50 thousand dollars], CHOSUNONLINE, Nov. 9, 2007.)

Author: Sayuri Umeda More by this author
Topic: Foreign exchange More on this topic
Jurisdiction: South Korea More about this jurisdiction

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Last updated: 12/02/2007