Finance Minister Koo Yun-cheol chairs an emergency meeting on reviewing the volatile foreign exchange market at the Korea Federation of Banks in Seoul, Sunday. Courtesy of Ministry of Finance and Economy
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.
