Tai­wan cracks down on cur­rency spec­u­la­tors

The Pak Banker - - Front Page -

TAIPEI: Tai­wan's Cen­tral Bank iden­ti­fied two for­eign banks in­volved in co­or­di­nated attacks on the New Tai­wan Dol­lar through the dump­ing of large quan­ti­ties of hot money in t he nation's f or­eign ex­change mar­ket. The govern­ment-run bank has re­quested that the Fi­nan­cial Su­per­vi­sory Com­mis­sion fur­ther in­ves­ti­gate this lat­est forex ma­nip­u­la­tion. Fi­nan­cial sec­tor in­sid­ers have lit­tle doubt, how­ever, that Wall Street cur­rency spec­u­la­tor Ge­orge Soros is be­hind the attacks, shield­ing his iden­tity by act­ing through Citibank and other in­sti­tu­tions.

Fi­nan­cial an­a­lysts said the cen­tral bank held two days of talks with Citibank and met Dec. 29 with ex­ec­u­tives of an­other f or­eign ex­change bank with the aim of un­ders t and­ing t he com­pa­nies' un­usual strate­gies.

In a news state­ment is­sued on the eve of the Dec. 30 meet­ing of its board of di­rec­tors, the cen­tral bank said a small num­ber of au­tho­rized for­eign ex­change banks had tar­geted spe­cific times of the day to dump large quan­ti­ties of for­eign cur­rency. -PB News

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.