The chief of the Bank of Korea(BOK) said that the bank will respond to curb volatility in the foreign exchange market if needed, assessing the recent market movement as “excessive.”

BOK Governor Rhee Chang-yong made the remarks on Wednesday in an interview with CNBC while visiting Washington D.C. to meet with finance ministers and central bank governors of the Group of 20(G20) nations. 

Rhee attributed the won’s decline to the appreciation of the U.S. dollar, geopolitical factors, and the weakening currencies of neighboring countries such as China and Japan. 

The BOK chief affirmed the bank’s willingness to stabilize the exchange market, saying that it has sufficient means to stabilize the market if necessary. 

The central bank and the finance ministry made a verbal intervention against the won’s sharp decline on Tuesday, vowing to stay vigilant and closely monitor the situation.