Korean banks report mixed FX results
Korea Exchange Bank (KEB) saw turnover of $2.5 billion for forex transactions in 2004. This represents an increase of 41.6% over last year's figure. The FX desk's fourth quarter revenues of $1.214 billion nearly matched the figure of $1.458 billion for the whole of 2003. Despite suffering substantial losses from some FX trades, KEB ended last year with a net gain on foreign currency transactions of $279 million, a 14.4% annual increase.
Arthur Woo, Korea economist at HSBC in Hong Kong, put this
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