South Korea's finance ministry urged major exporters to help stabilize the foreign exchange market by converting export proceeds into the Korean won. Second Vice Finance Minister Huh Chang held talks with officials from Samsung Electronics, SK Hynix and Hyundai Motor Group.
The meeting took place on July 21 at the Government Complex Seoul. Huh noted that the won had recovered from around 1,550 won per dollar to the upper 1,400-won range, aided by exporter actions such as SK Hynix's American depositary receipt offering.
He stated that the supply of dollars is expected to improve further in the second half due to the semiconductor supercycle and strong economic fundamentals. Huh also called on companies to convert foreign currency deposits into won and repatriate overseas funds.
The exporters agreed that a stable exchange rate reduces uncertainties for investment and operations. They pledged greater cooperation with government efforts.
"While external uncertainties, such as the lingering Middle East conflict, continue, the government is fully committed to promptly anchoring market expectations for stability," Huh said.
