Finance Minister Koo Yun-cheol said Friday the government is taking extra vigilance over recent volatility in the foreign exchange market.
Finance Minister Koo Yun-cheol made the remark during a meeting with economy-related ministers at Government Complex Seoul on Friday. 'Concerning the rising volatility in the financial and foreign exchange markets, along with challenges for consumer prices linked to people's livelihoods, the government is taking extra vigilance,' Koo said. The Korean currency has traded over the psychologically important level of 1,500 won against the U.S. dollar for the 13th consecutive trading session through Thursday. Koo noted that South Korea has made some progress in its economic recovery despite the Middle East war. The Organisation for Economic Co-operation and Development (OECD) revised up South Korea's economic growth outlook for this year to 2.6 percent from 1.7 percent three months earlier. 'South Korea's expansionary fiscal policy has accelerated growth, which in turn improved fiscal sustainability, creating a virtuous cycle,' Koo said. The finance minister said South Korea will continue to make investments in regional areas, pursue structural reforms and address economic disparities on the back of the momentum.
