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Asian Central Banks Tighten Offshore Currency Controls; India Caps Bank Net Positions at $100M, Indonesia Raises Rates

GateNews
Forex
Asian central banks intensified efforts to curb offshore foreign exchange speculation over the past week. South Korea's Finance Ministry announced increased oversight of offshore currency derivatives on Sunday, while the Philippines mandated banks ensure non-deliverable forward contracts serve only economic purposes. India tightened restrictions on banks' net open positions to $100 million, and Indonesia unexpectedly raised rates while stating the central bank remains active around-the-clock in global forex markets to support the rupiah. The measures reflect policymakers' concerns that offshore trading is amplifying regional currency depreciation amid elevated oil prices, capital outflows, and a strong U.S. dollar.
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