Pension fund favors foreign dollarsThe national pension fund service is aiming to help the government secure greenbacks from abroad for overseas investments, raising hope that the local currency market will be stabilized.
“The National Pension Service has proposed a plan to the government to raise U.S. dollars for overseas investments from abroad instead of from the local foreign exchange market,” NPS Chairman Jun Kwang-woo told Yonhap News Agency during a telephone interview.
Jun said working-level talks with the Ministry of Strategy and Finance and the Ministry of Health and Welfare are under way, adding that he expects the government to welcome the move.
“NPS assets are expected to reach 1,000 trillion won [$885 billion] in 10 years. If the fund’s overseas investments increase to 30 percent of its total investments, it will near the size of the country’s foreign exchange reserves,” Jun said.
More in Finance
Kospi breaks another record as buying spree continues
Samsung Life warned by the FSS about claim denials
Dollar's weakness pushes won to 30-month high
Kospi hits another high on chipmaker optimism
Eight companies agree to share credit card data