Foreign Exchange
US Treasury keeps South Korea on currency monitoring list
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The US Treasury Department announced on Thursday (local time) that it is keeping South Korea on its foreign exchange monitoring list. The report assesses that the recent weakness of the Korean won does not align with the country's strong economic fundamentals and views it as excessive depreciation. The South Korean government plans to maintain close communication with the US to ensure market stability.
An undersubscribed dollar auction has occurred in Ethiopia's foreign exchange management. This event has led to a rare rebound in the birr's value. Addis Fortune reports on this development in Ethiopian business news.
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The Central Bank of the Republic of Argentina (BCRA) purchased US$42 million in the foreign exchange market, extending its streak to 30 consecutive days of currency acquisitions. Gross international reserves reached US$45.158 million, up US$102 million from the previous day. Since the start of the year, the BCRA has added purchases totaling US$2.089 million, including US$932 million in February.
The finance ministry announced a package of tax benefits on Wednesday to revitalize the domestic capital market and ease structural imbalances in the foreign exchange market. The measures address the ongoing increase in domestic investors' overseas asset holdings amid the prolonged weakness of the Korean won against the U.S. dollar. Individual investors selling overseas stocks and reinvesting in domestic equities long-term will receive temporary tax relief on capital gains for one year.
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On December 24, 2025, South Korean authorities issued a verbal intervention stating an excessively weak Korean won is undesirable, as the currency hit levels not seen since 2009. Building on measures from December 18—including eased bank rules and intensified FX monitoring—the won rebounded from 1,483.6 to the 1,470 range post-statement.
The National Institute of Statistics and Censuses (INDEC) reported that Argentina's tourism balance was negative in September by 562,200 visitors, marking the twentieth consecutive month of this deficit. More Argentines traveled abroad than foreigners arrived in the country, exacerbating the outflow of foreign currency. Foreign tourists spent $208.5 million, while Argentines spent $598.2 million abroad.
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Nib International Bank S.C. announced a 2.9 billion Br loss at its annual shareholders meeting, mainly due to foreign exchange revaluation losses amid Ethiopia's economic reforms. The bank also paid 348.4 million Br in penalties for liquidity issues and payment violations. Despite settling major debts, mismanagement from previous leadership exacerbated the financial strain.