Finance Minister Koo Yun-cheol, who serves concurrently as the deputy prime minister for economic affairs, attends an emergency meeting of economy-related ministers at the Korean Embassy in Washington, Thursday (local time). Yonhap
Finance Minister Koo Yun-cheol said Friday that the Korean won has been stabilizing against the U.S. dollar following its depreciation amid the ongoing U.S.-Israeli war against Iran, expressing hopes that it will align with market expectations.
Koo made the remarks during a meeting with Korean reporters in Washington, as the Korean currency strengthened to the 1,460 won range against the greenback after Iran's reopening of the crucial Strait of Hormuz, amid expectations that the United States and Iran will reach a deal to end the war.
"As the (won-dollar) exchange rate has been stabilizing in the 1,460 won-per-dollar range, I think we can discuss that matter if need be," Koo said, responding to a question about whether he plans to discuss the issue during a meeting with U.S. Treasury Secretary Scott Bessent set for Friday afternoon.
The minister voiced hopes that the Korean won will appreciate against the dollar in line with market expectations.
"It is something to be determined by the market, but considering Korea's economic fundamentals, there might be expectations in the market," he said. "I hope it reaches a level that people expect the Korean currency to be at."
Koo was in the U.S. capital to attend meetings of the G20 finance ministers and central bank governors.
He underscored that following the meetings, he realized that the international community has high expectations for Korea's economy.
"I felt that interest in the Korean market has been on the rise," he said.
He added, "As Iran allowed passage (through the Strait of Hormuz), financial markets have stabilized and the stock market has surged. Against this backdrop, I felt Korea can be in a (good) position in the world (economy) should (the government) manage (economic issues) well."
Source: Korea Times News
