23:00 GMT +323 May 2019
Listen Live
    View of Seoul from Namsan mountain

    S Korean Finance Minister Vows Firm Action as Currency Continues to Fall

    © Sputnik / Alexey Zhidakov
    Business
    Get short URL
    0 13

    Seoul will take swift and firm action to counteract any radical change in the foreign exchange market, South Korea's Finance Minister Yoo Il-ho said Thursday as the national currency continues to fall in value, local media reported.

    MOSCOW, (Sputnik) — South Korea’s won has been declining steadily against the US dollar, reaching a five-year low of 1,213.4 won to $1 on Thursday, amid China's economic slowdown and the devaluation of its national currency.

    Earlier in the day, the Bank of Korea lowered its economic growth forecast for 2016 to 3 percent.

    "The foreign exchange rate is determined by the market. This is the principle. If there is a radical change, however, we can move swiftly and firmly to deal with it," Yoo, who took office on Wednesday, said, as quoted by the Yonhap news agency.

    However, according to Yoo, the time has not yet come to intervene in the currency market, the agency reported.

    The new minister also expressed determination to adhere to the government's economic growth target of 3.1 percent for 2016.

    Related:

    Iraq’s Economy Faces ‘Double Shock’ From Daesh Attacks, Oil Prices Drop
    Kiev Authorities Finishing Off Last Remnants of Ukraine's Economy
    Saudi Arabia Uses Cheap Oil to Boost Market Share, Destroy Iran’s Economy
    Tags:
    South Korea, economy, currency
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik