Approved foreign exchange business in July 2011
PRESS RELEASE Release Date: August 15, 2011
Approved foreign exchange business in July 2011
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. Taichung Commercial Bank to operate NTD and FCY non-discretionary trust funds for investment in offshore funds business via internet.
2. Land Bank of Taiwan to operate FCY settlements and FCY outward remittances business with a value equal to or over NT$500,000 via internet.
3. 29 branches of 8 banking enterprises to operate foreign exchange business. As of the end of July 2011, there were 1,845 authorized foreign exchange banks, including 1,773 domestic banks and 72 foreign banks.