The Korea Times
Shin Hyun-song, nominee for governor of the Bank of Korea (BOK), said Tuesday there are no major concerns over the current level of the local currency, emphasizing that dollar liquidity remains ample. Shin made the remarks in response to reporters' questions as he began preparations for a parliamentary confirmation hearing. He was nominated last week to lead the central bank and replace incumbent Gov. Rhee Chang-yong at the end of his four-year term next month. "I do not attach much significance to the (won-U.S. dollar) exchange rate level itself. What matters is whether the market can absorb related risks, and in that sense, there are no major concerns," Shin said. "Strong dollar liquidity means there is no need to directly link exchange rate movements with financial instability, as was often the case in the past," he added. The won has hovered around the psychologically significant 1,500 won-per-dollar mark in recent sessions and fell to as low as 1,517.3 on a closing basis last week, as the monthlong conflict involving Iran escalated, pushing up global oil prices and stoking fears of
Go to News Site