South Korean Finance Minister Ko Yeon-chul pledged to take strict measures against illegal currency trading and speculation, in light of increasing pressure on the Korean won and its sharp decline in the markets.
The minister’s statements came during an emergency meeting to discuss developments in the financial markets, according to a statement issued by the Ministry of Finance, at a time when the authorities are seeking to contain rapid fluctuations in the foreign exchange market.
Ko Yeon-chul stressed that the financial authorities will not tolerate excessive fluctuations in the won price or unidirectional movements led by speculative activity in the market, stressing the need for currency stability.
In a related context, the South Korean won breached the 1,550 level against the US dollar late on Friday, recording its weakest level since 2009, reflecting mounting pressure on the currency amid turmoil in global markets.
South Korean President Lee Jae-myung appointed economist Shin Hyun-sung to serve as governor of the central bank. Shin is famous for correctly predicting the global financial crisis in 2008, in a move aimed at addressing high debt levels and driving growth in the fourth largest Asian economy.
The South Korean Finance Minister, Ko Yoon-chul, pledged to take strict measures against illegal currency trading and speculation, amid increasing pressure on the Korean won and a sharp decline in the markets.
The minister’s statements came during an emergency meeting to discuss developments in the financial markets, according to a statement issued by the Ministry of Finance, at a time when authorities are seeking to contain rapid fluctuations in the foreign exchange market.
Ko Yoon-chul emphasized that financial authorities will not tolerate excessive fluctuations in the won’s exchange rate or one-sided movements driven by speculative activity in the market, stressing the need for currency stability.
In a related context, the South Korean won breached the 1550 level against the US dollar late on Friday, recording its weakest level since 2009, reflecting increasing pressures on the currency amid global market turmoil.
South Korean President Yoon Suk-yeol appointed economist Shin Hyun-sung to serve as the governor of the central bank, known for his accurate prediction of the global financial crisis in 2008, in a move aimed at addressing rising debt levels and boosting growth in the fourth-largest economy in Asia.
