Editor's PiCK
"The won is likely to fall to around 1,400 per dollar in a month or two"… President Lee also delivers verbal intervention
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Summary
- President Lee Jae-myung said that, according to the relevant responsible authorities, the exchange rate is forecast to fall to around 1,400 won per dollar in a month or two.
- President Lee said that if it moved in line with the yen-dollar exchange rate, our exchange rate would have to rise to about 1,600 won per dollar, but that it is still holding up well, adding that many effective measures are being implemented to stabilize the FX market.
- President Lee said that the exchange rate is not a phenomenon unique to South Korea and that it is difficult to reverse it easily with our policy alone, adding that the lower exchange rate has unfavorable aspects but also aspects favorable for exporting companies.
President Lee Jae-myung said on the 21st, "According to the relevant responsible authorities, they are forecasting that the won-dollar exchange rate will drop to around 1,400 won per dollar in a month or two."
At a New Year press conference held that day at the State Guest House of Cheong Wa Dae, President Lee said, "The won-dollar exchange rate moves in tandem with the yen-dollar rate, and compared with Japan, the depreciation of our won’s value has been relatively less severe." He continued, "By Japan’s benchmark, our exchange rate would have to rise to about 1,600 won per dollar, but we are still holding up well," adding, "We are implementing many effective measures to stabilize the FX market."
He also explained, "If there were any special measures (to stabilize the FX market), we would have already taken them," and "Since (the exchange rate) is not a phenomenon unique to South Korea, it is difficult to reverse it easily with our policy alone." He added regarding the lower exchange rate that "there are unfavorable aspects, and there are aspects that are favorable for exporting companies."
Reporter Kim Ik-hwan lovepen@hankyung.com
