Four days before the inauguration of the new government, a warning light came on in the foreign exchange market.
In the Seoul foreign exchange market, the won/dollar exchange rate closed at 1272.7 won, the highest in two years and one month.
Foreigners are withdrawing from domestic investment as the possibility of an interest rate reversal between Korea and the US increases following the US took a big step in raising the key interest rate by 0.5 percentage points at once.
From the beginning of January to the 6th of this month, foreign investors sold 14.34 trillion won in the KOSPI and KOSDAQ markets alone.
There are concerns that the departure of foreign capital will further depreciate the won and increase domestic prices, which will increase the impact on the economy.
Bank of Korea Governor Chang-yong Lee, who will preside over the first Monetary Policy Committee on the 26th, is deepening his concerns.
[이창용 / 한국은행 총재 : 5월 (금통위) 결정의 큰 변수가 될 것이 아마 미국 FOMC 미팅에서 50bp 얘기하고 있는데, 그렇게 될 때 또는 그 이상이 될 경우에 자본유출이라든지 환율의 움직임이라든지 이런 것들을 봐야 될 것 같습니다.]
Financial authorities, which have been struggling with a surge in household debt amid the COVID-19 crisis, faced a new task of defending the exchange rate ahead of the launch of the new government.
This is YTN Park Byung-han.
Cinematographer: Ko Min-cheol
Video Editing: Im Jong-moon
Subtitle News : Yoon Hyun-kyung
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