The won-dollar exchange rate has surpassed 1,400 won, prompting the government to engage in verbal intervention.
Vice Prime Minister and Minister of Strategy and Finance Choi Sang-mok noted in an emergency macroeconomic and financial issues meeting today that while interest rates have remained relatively stable since the U.S. presidential election, the exchange rate of the won-dollar and stock prices have become more volatile.
He also stated that if the volatility in the financial and foreign exchange markets excessively expands, proactive market stabilization measures will be implemented promptly.
Verbal intervention, which involves sending a message of intent to intervene in the market to reduce sharp fluctuations in the exchange rate, marks the first usage in seven months since April.
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