South Korea will allow foreign currency transactions among brokerages starting next year as part of efforts to enhance their competitiveness and grow the country’s currency markets, the Finance Ministry said Monday.

Under current rules, brokerage houses are technically allowed to make transactions in foreign currency, but their trading is restricted to only those with banks.

According to the finance ministry, the government will complete the revision of the rules by the end of this year, with an aim to permit foreign currency transactions among brokerages from next year.

The ministry said that the revision is intended to enhance the overall competitiveness of local brokerages in their foreign currency-related businesses and also expand the scope and depth of the market by increasing the number of market participants. (Yonhap News)