Korea Not in a Foreign Exchange Crisis
Prime Minister Han Duck-soo denied the necessity of Korea-U.S. currency swap resumption at the interpellation on July 26.
“The primary purposes of the currency swap agreement do not include domestic forex market stabilization and the current situation is not a foreign exchange crisis in that the U.S. dollar is appreciating across the world,” he said, adding, “It is true that the current value of the Korean won is low but it is also true that we are not in a foreign exchange crisis, and then there is no need to go beyond a promise of resumption.”
Concerning the same matter, Deputy Prime Minister Choo Kyung-ho remarked at the interpellation that the U.S. and South Korean governments reconfirmed their potential cooperation expansion in the forex market at their recent summit and meeting between their financial chiefs.