Finance Minister Stresses Seoul will Keep Foreign Exchange Sovereignty

Write : 2018-04-16 14:59:59 Update : 2018-04-16 15:14:26

Finance Minister Stresses Seoul will Keep Foreign Exchange Sovereignty

Finance Minister Kim Dong-yeon has assured the government will protect the country's foreign exchange sovereignty and will review its needs based on national interests instead of on demands from foreign countries.

Kim told reporters Monday, after a meeting of economy-related ministers, that the exchange rate should be set by the market but that the government will retain its policies to deter sudden volatility.

Regarding the possibility that South Korea will have to disclose state intervention in foreign exchange, Kim said discussions on the matter have been taking place for years with the International Monetary Fund. 

He added if the government takes steps to increase the transparency of its foreign exchange actions, the move would raise the country's credit rating or status in foreign exchange reviews.

Kim also said he had expected the findings of the United States' review on currency exchange published over the weekend as South Korea is not a currency manipulator, calling it a positive outcome.

He said Seoul had explained its situation as best as it could to prepare for various outcomes.

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