Affected by inflation, the Korean won has depreciated by about 15% this year, and currency exchange may be adopted to ease the downward pressure on the Korean won.

(Bloomberg file photo)

[Financial Channel/Comprehensive Report] South Korean Finance Minister Choo Kyung-ho said on Thursday (22nd) that it would take measures to ease the downward pressure on the Korean won, while local media reported that the Bank of Korea and the national pension fund Currency swaps may be formed.

Qiu Qinghao said that various measures will be taken to alleviate the imbalance between the supply and demand of foreign exchange by pension funds and foreign trade companies.

Local media reported late Wednesday that the central bank and state pension funds were considering forming a currency swap so pension funds could meet some of their dollar needs without buying the market.

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The won has lost 15 percent of its value against the dollar this year.

The won was pressured by rising demand for dollars and dollars from importers, pension funds.

The devaluation of the won has exacerbated already high inflation and increased the cost of overseas debt.

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