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After martial law scare, Thai exchange temporarily halts won conversion

Published: 06 Dec. 2024, 12:57 Updated: 06 Dec. 2024, 13:08

SHIN HA-NEE
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A photo posted on an online community on Thursday shows a notice at a currency exchange in Thailand that reads, ″We are temporarily not accepting Korean won due to domestic political issues.” [SCREEN CAPTURE]

President Yoon Suk Yeol’s short-lived emergency martial law declaration late Tuesday has spooked not only the Korean public but also onlookers overseas, to the extent that some currency exchanges refused to accept the won.

A post on an online community published on Thursday claimed that some currency exchanges in Thailand temporarily suspended the acceptance of the won, saying, “I share this [photo] to show that this incident should not be shoved under the rug as if it was a mere happening or a simple controversy.”

A photo uploaded with the post showed a notice that reads, “We are temporarily not accepting Korean won due to domestic political issues.”

The post, however, assured that most of the currency exchanges in Thailand were accepting the won as usual.

The overnight chaos that ensued Yoon’s unannounced televised declaration late Tuesday pushed up the won-dollar exchange rate as high as 1,442 per dollar. Although the brief volatility spike has moderated from its peak, the won-dollar rate is still hovering at a two-year high.

Bank of Korea Gov. Rhee Chang-yong noted, “The Korean public has been shocked, but it appears the reaction overseas also has been extremely strong,” during a press conference at the central bank in Seoul on Thursday.

“The fallout could have been worse, but thanks to the fact that the declaration was lifted only six hours after it was announced, the international community does not seem to view Korean democracy or institutional system as dysfunctional,” said Rhee.

“Although many potential misunderstandings or concerns have been addressed with the prompt resolution, a sense of caution still remains on how this would pan out moving forward.”

Several countries, including the United States, the United Kingdom and Singapore, issued travel advisories following the martial law declaration.

Swedish Prime Minister Ulf Kristersson, who was scheduled to meet with Yoon on a state visit to Korea from Thursday to Saturday, indefinitely postponed his trip.

BY SHIN HA-NEE [[email protected]]