[앵커]
As the dollar has soared to its highest level in 20 years, the exchange rate has skyrocketed and foreign exchange reserves have declined significantly.
The government is pushing for a currency swap with the US and Japan to put the brakes on the appreciation of the exchange rate.
Reporter Park Byung-han reports.
[기자]
The won/dollar exchange rate, which started at 1,193.50 won on January 3rd of this year, soared to 1,326.1 won on the 15th.
As the demand for the dollar soared due to the depreciation of the won, foreign exchange reserves are declining at the fastest rate since the global financial crisis.
At the end of June, foreign exchange reserves stood at $438.2 billion, down $9.43 billion from the previous month.
This is the largest decline in 13 years and 7 months since the decline of $11.75 billion in November 2008 during the global financial crisis.
This is because the authorities sold a large amount of the dollar to defend the exchange rate, and as the value of the dollar increased, the value of foreign currency assets such as the euro decreased.
[이창용 / 한국은행 총재 : 우리만 (통화 가치가) 떨어지는 것이 아니고 달러가 강세되면서 엔화, 유로화, 메이저 커런시(주요국 통화)들은 훨씬 더 많이 절하되고 있습니다.]
In fact, among the major currencies, the yen fell 17% and 11%, respectively, as the yen hit its lowest level in 24 years and the euro in 20 years.
The government is pushing for a currency swap agreement between Korea and the US.
[이창용 / 한국은행 총재 : 바이든 대통령께서 오셨을 때 양국 간에 외환시장 안정을 위해서 여러 방안을 고려하기로 두 정상께서 말씀하셨기 때문에 그것에 관한 이야기는 추경호 장관과 옐런 장관 사이에 있지 않을까 기대하고 있습니다.]
A currency swap is a credit contract between central banks in which two countries exchange their own currencies for the other country’s currency.
It is pointed out that strict foreign exchange management is necessary even in academia.
[성태윤 / 연세대 경제학부 교수 : 특히 무역수지 적자가 지속되는 가운데 한미 금리 역전에 대한 우려도 있어 당장 위기라고 말할 수는 없지만 철저한 외환보유고 관리가 필요한 것은 사실입니다.]
At the Korea-Japan business meeting held for the first time in three years in recent years, there was also a discussion on the currency swap between Korea and Japan.
This is YTN Park Byung-han.
YTN Park Byung-han (bhpark@ytn.co.kr)
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