The Korea Times
Top economic and financial policymakers on Sunday pledged to take stern action against market-disruptive activities and speculative trading amid a weakening Korean won. Finance Minister Koo Yun-cheol and other heads of financial authorities made the joint remarks during an emergency meeting on reviewing the volatile foreign exchange market, according to the Ministry of Finance and Economy. The meeting was attended by Shin Hyun-song, governor of Bank of Korea; Lee Eog-weon, chairman of the Financial Services Commission (FSC); and Lee Chan-jin, governor of the Financial Supervisory Service (FSS). The Korean won has fallen to its weakest level against the U.S. dollar since 2009 in recent days, due mainly to heavy net selling of foreign investors amid fading expectations of a diplomatic solution to the war in the Middle East. On Friday, the won was quoted at 1,539.1 won per dollar at 3:30 p.m., down 9.4 won from the previous session, marking the weakest level since March 9, 2009. The finance ministry said participants expressed concerns that heightened market volatility could weigh on the Kor
Go to News Site
