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South Korea daily FX turnover hit all-time high in Q1

Increased demand for cross-border transactions of securities drove the growth.

Daily foreign exchange trading by banks in South Korea reached a record quarterly high in Q1 2023, reports Yonhap News Agency, based on data from the Bank of Korea (BOK).

Daily FX turnover averaged US$66.83b in the January to March period. In Q1 2022, the average turnover was $57.44b.

Increased demand from cross-border transactions of securities drove the growth.

ALSO READ: Korean banks’ in solid position to weather strong US dollar

It marked the largest quarterly turnover since relevant data started to be compiled under the current revised statistical standards in 2008, according to Yonhap.

Growth stemmed from increased trading of securities by local and foreign investors.

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