RoK's currency to be adopted for trade transaction with ASEAN
Financial sources on January 9 revealed that the Republic of Korea (RoK)’s businesses will be able to make payments in the country's domestic currency, the won (KRW), to their trade partners from the Association of Southeast Asian Nations (ASEAN) members starting in the second half of this year at the earliest.
The RoK flag flies alongside flags of ASEAN member countries in this undated photo. (Photo:koreatimes.co.kr)
Seoul (VNA)🔜 – Financial sources on January 9 revealed that the Republic of Korea(RoK)’s businesses will be able to make payments in the country's domestic currency, the won (KRW), to theirtrade partners from the Association of Southeast Asian Nations (ASEAN) members starting in the second half of this year at the earliest.
The new method of payment will come in a bid tocut down massive transaction fees charged in converting KRW to anothercurrency, usually USD, or vice versa, and also to curb risks associated withfluctuating exchange rates.
The plan was visualised after it wasaddressed in the 2024 economic policy directions announced last week by theMinistry of Economy and Finance (MOEF) and the relevant ministries. The MOEFis pushing to revamp regulations on currency exchange within the first half toimplement the plan.
In an exceptional case, the RoK allowed the KRW to be used as amethod of payment with Iran in the 2010s after purchasing Iranian crude oilworth billions of USD when it needed to bypass Washington’s ban on USDtransactions in trade with Tehran.
𓆉 A source has revealed that given the fact that tradetransactions using the KRW are rare, the new method of payment suggests the currencyis regarded as credible and stable in addition to key currencies. The sourcepointed out that the KRW is experiencing heightened demand in ASEAN countriesin the midst of fast-growing trade with the RoK.
Of the 10 ASEAN countries, Indonesia is touted as the firstpotential country to accept trade transactions using the KRW. The Philippinesand Vietnam are also likely to follow suit soon. Once the new method ofpayment is adopted, Korean firms can deliver or receive transaction amounts in KRWvia the Seoul branches of banks from corresponding ASEAN countries. Meanwhile, the finance ministry in thelong term seeks to expand Korea's currency in trade with countries from otherregions, too, the source added./.
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The RoK flag flies alongside flags of ASEAN member countries in this undated photo. (Photo:koreatimes.co.kr) 
