South Korea Takes Action to Stabilize Won Amid Exchange Rate Volatility

South Korea’s Deputy Prime Minister and Minister of Economy and Finance, Choo Kyung-ho, has announced measures to closely monitor and manage market dynamics in response to uncertainties in global economic growth and currency policies. This comes amid changes in the policy stance of the new U.S. administration.

The government aims to maintain a vigilant 24-hour monitoring system to address potential market fluctuations promptly. In times of excessive financial and foreign exchange market volatility, South Korea plans to implement swift and proactive stabilization measures.

Choo’s statements are seen as a verbal intervention to stabilize the South Korean won’s exchange rate. This approach involves reducing exchange rate volatility through strategic market communication.

The recent re-election of former U.S. President Donald Trump has led to a rapid depreciation of the South Korean won. The currency, which was around 1,370 won per dollar earlier this month, surpassed the psychological barrier of 1,400 won per dollar. On the 13th, it briefly reached 1,410.6 won per dollar, closing at 1,406.6 won per dollar, marking the lowest level since November 4, 2022.

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