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After the won depreciated to 1,300 won per dollar in June, Finance Minister Choo Kyung-ho pledged to ease the imbalance between supply and demand through policy means. We hope he keeps his promise.
Korea has begun to feel the heat after the won-dollar exchange rate soared to the level of nearly 1,400 won per dollar.
The government must roll up its sleeves to prevent a further deterioration of Korea’s trade balance by using all possible means. If it leaves the situation unattended, it could trigger another foreign exchange crisis.
Job insecurity and the debt burden from volatile exchange rates makes lives harder. To help them continue their normal economic activities, comprehensive measures beyond the level of debt restructuring is needed.
If the swap deal is signed, it would be good for the market, but it’s not a panacea.
Korea JoongAng Daily Sitemap