Central Banking

Global settlement bank CLS to recognise Korean won

The CLS Bank has said it recognises the Korean won as an eligible currency for the bank's settlement process in principle. Bank of Korea officials noted that the inclusion of the local currency as a CLS currency would free domestic banks from "foreign-exchange settlement risk".

Source: The Korea Herald

The New York-based Continuous Linked Settlement Bank International announced yesterday that it has recognized "in principle" the Korean won as an eligible currency for the bank's settlement proce