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Exchange Rate Authority Attempt to Talk Down Currency as US Dollars to Korean Won Surpassed 1400

NSP NEWS AGENCY, By Hyun-jin Kim and Soo-in Kang, 2024-04-17 08:50 ENX7
#WonPerDollar #TalkingDown #Authorities #MEF #BoK

(Seoul=NSP NEWS AGENCY) = Korean exchange rate authorities warned, “We are closely monitoring exchange rates movements and foreign currency demands and supplies, “ and added, “Significant imbalance in FX market is not desirable for Korean economy” as the won hit the 1400 mark in the morning on April 16,

The warning was given by financial leaders, Kumhwa Oh, the Director General of the International Department at the Bank of Korea, and Shin Joong-beom, the Director General of the International Finance Bureau at the Ministry of Economy and Finance, in an attempt to downgrade the currency.

The 1400 mark rarely broke: the 1997 Asian financial crisis, the 2007-2008 global financial crisis, and in 2022, when higher interest rates in the US affected Korea.

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