The Board of Directors of CLS Bank has endorsed, in principle, the inclusion of the Korean Won as a CLS Bank eligible currency once all the requirements in CLS Bank’s rules have been satisfied and the necessary regulatory approvals have been obtained. The new currency will join the Australian Dollar, Canadian Dollar, Euro, Japanese Yen, Pound Sterling, Swiss Franc and United States Dollar as CLS Bank eligible currencies. CLS Bank is concluding final preparations and awaiting regulatory approval for adding the Danish Kroner, Norwegian Krone and Swedish Krona and the Singapore Dollar as CLS Bank eligible currencies later in 2003. The Hong Kong and New Zealand Dollars, which were previously endorsed in principle by the CLS Bank Board, are expected to follow in 2004. As with all prospective eligible currencies, the Korean Won will become eligible once the full CLS Bank and regulatory approval processes have been satisfied and the technical implementation is completed. The objective is for the currency to become eligible during 2004.
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