President Lee: "If there were special measures for the exchange rate, we would have already taken them"
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Summary
- President Lee Jae-myung said regarding the sharp rise in the won-dollar exchange rate, "If there were special measures, we would have already taken them."
- He said the responsible authorities are forecasting that in about one to two months, the won-dollar exchange rate will fall to around 1,400 won.
- Lee said the high exchange rate also has aspects favorable to exporters and that he will continue to identify available measures to achieve exchange-rate stability.
President Lee Jae-myung on the 21st commented on the won-dollar exchange rate, which has risen to around 1,480 won, saying, "If there were special measures, we would have already taken them," adding that "the government is implementing many useful policies that it can."
Speaking at a New Year’s press conference at the State Guest House in Cheong Wa Dae, Lee said of the high exchange-rate environment, "The exchange rate is approaching the levels seen last year under the Yoon Suk Yeol administration," making the remarks.
Lee added, "Some say (the high exchange rate) is a new normal," and noted that "the won (exchange rate) has aspects that are linked to the yen exchange rate." He said, "If you align with Japan’s benchmark, the (won-dollar exchange rate) should be around 1,600 won, but compared with the yen-dollar linkage, it’s holding up relatively well."
He also said, "According to the responsible authorities, they are forecasting that in about one to two months, the (won-dollar exchange rate) will fall to around 1,400 won." He continued, "There are various unfavorable aspects, and there are also favorable aspects for exporters, but (the high exchange rate) is not a phenomenon unique to South Korea," adding, "It is judged to be difficult to easily restore it to normal through South Korea’s policy." He added, "We will continue to identify available tools and work to stabilize the exchange rate."
Reporter Kim Hyung-gyu khk@hankyung.com
