Korean Vice Minister Urges Export Companies to Support Exchange Rate Stability
As the won-dollar exchange rate stabilizes in the mid to high 1400s, Deputy Prime Minister and Minister of Economy and Finance, Koo Yun-cheol, has met with export companies to request their cooperation in stabilizing the exchange rate.
On the 18th, the Ministry of Economy and Finance revealed that Deputy Minister Koo held an Export Company Meeting at the Government Seoul Complex at 3 PM. Representatives from major export companies such as Samsung Electronics, SK Hynix, Hyundai Motor, Kia, Hanwha Ocean, and POSCO Holdings were present.
During the meeting, Deputy Minister Koo stated, "To improve structural foreign exchange supply and demand, we plan to promote exchange rate stability in consultation with export companies, who are key players in the supply and demand chain," and requested their cooperation. The ministry noted, "The companies expressed agreement that stabilizing the foreign exchange market would benefit their business activities and committed to actively participating in future discussions."
In light of the ongoing high exchange rate situation, this request can be interpreted as an appeal for companies to actively convert the dollars received from exports into Korean won. On this day, the won-dollar exchange rate in the Seoul foreign exchange market closed at 1465.30 won, up 7.30 won from the previous day, attributed to continued foreign investor net selling in domestic stocks. Since the beginning of this year, the exchange rate has exceeded 1400 won on 119 out of 213 trading days.
To enhance the competitiveness of export companies, Deputy Minister Koo announced that the export support budget for next year will increase from 1.6 trillion won this year to 4.3 trillion won next year. He also mentioned that measures to diversify exports, such as expanding free trade agreement (FTA) networks and strengthening cooperation with the Global South, are being developed. Furthermore, he pledged to actively pursue regulatory rationalization measures in collaboration with relevant ministries to ensure free corporate activities.
On the 18th, the Ministry of Economy and Finance revealed that Deputy Minister Koo held an Export Company Meeting at the Government Seoul Complex at 3 PM. Representatives from major export companies such as Samsung Electronics, SK Hynix, Hyundai Motor, Kia, Hanwha Ocean, and POSCO Holdings were present.
During the meeting, Deputy Minister Koo stated, "To improve structural foreign exchange supply and demand, we plan to promote exchange rate stability in consultation with export companies, who are key players in the supply and demand chain," and requested their cooperation. The ministry noted, "The companies expressed agreement that stabilizing the foreign exchange market would benefit their business activities and committed to actively participating in future discussions."
In light of the ongoing high exchange rate situation, this request can be interpreted as an appeal for companies to actively convert the dollars received from exports into Korean won. On this day, the won-dollar exchange rate in the Seoul foreign exchange market closed at 1465.30 won, up 7.30 won from the previous day, attributed to continued foreign investor net selling in domestic stocks. Since the beginning of this year, the exchange rate has exceeded 1400 won on 119 out of 213 trading days.
To enhance the competitiveness of export companies, Deputy Minister Koo announced that the export support budget for next year will increase from 1.6 trillion won this year to 4.3 trillion won next year. He also mentioned that measures to diversify exports, such as expanding free trade agreement (FTA) networks and strengthening cooperation with the Global South, are being developed. Furthermore, he pledged to actively pursue regulatory rationalization measures in collaboration with relevant ministries to ensure free corporate activities.
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