ⓒYONHAP News

South Korea and the United States have agreed that they can implement liquidity facilities with one another if needed amid the won’s continuous tumble against the dollar.

According to the finance ministry on Tuesday, economy and finance minister Choo Kyung-ho and U.S. Secretary of the Treasury Janet Yellen discussed the topic and other matters of cooperation during a bilateral meeting in Seoul earlier in the day.

The two officials checked up on the recent situations in the financial and foreign exchange markets and reaffirmed their countries’ will to strengthen cooperation with each other.

While agreeing that South Korea’s foreign currency liquidity conditions remain stable despite a recent increase in volatility, they recognized that the two countries have the ability to implement various cooperative actions, such as liquidity facilities, if necessary.

The recognition is seen to leave open the possibility of the two countries re-signing a currency swap line, which expired late last year.

According to the presidential office, President Yoon Suk Yeol also called for cooperation from the U.S. in stabilizing the value of currencies between the two countries during his talks with Yellen earlier in the day.

Meanwhile, Minister Choo expressed Seoul’s willingness to join a U.S. proposal to put a price cap on Russian oil during his meeting with Yellen.