South Korea forex official denies report of plans to inspect banks

SEOUL: South Korea has no plans to inspect banks over foreign exchange trading but is looking into the surges in dollar/won trading near the end of the onshore session, a foreign exchange official told Reuters on Tuesday.

"The authorities are closely watching the pattern of deals for one direction (for the dollar/won) surging near the end of the session," the official said.

The finance ministry and central bank are in charge of foreign exchange policies. "We see this pattern as a serious issue but do not consider carrying out inspection of banks regarding this," the official said, denying a local media report.