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Preparation for "Euro-Era" not Enough

Jan 12,1999
Domestic companies and business members are not yet ready for the new European currency, the euro. Many of them are at their wits end when they are informed by European buyers that they will pay in euros instead of dollars or francs in 1999.
Only 4 percent of all Korean small and medium-sized business groups are ready for euro-denominated transactions.
Most banks are even worse in that many have not even prepared their computer systems to convert marks to euros.
Major groups such as Daewoo, though, have at least opened euro accounts in banks.
However, detailed plans such as how to defend against currency exchange rate fluctuations or how to alter European payment systems to the euro are still undetermined.
Minor trading groups do not even have a basic plan to handle the euro. Although existing currencies will be used alongside the euro for the next three years, Phillips, Zimmens, Benz and BMW are insisting that they will only receive payments in euros.
Some Korean groups including Samsung Electronics are moving operations out of England because it refused to adopt the euro.
Experts advise that, 'Korea should reserve enough euros from now on while contacting Italian and Spanish banks in order to get ready for the euro's invasion.'


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