ID :
22069
Wed, 10/01/2008 - 16:04
Auther :
Shortlink :
http://m.oananews.org//node/22069
The shortlink copeid
Lee orders measures to stabilize foreign exchange market By Yoo Cheong-mo
SEOUL, Oct. 1 (Yonhap) -- President Lee Myung-bak on Wednesday instructed his economic policymakers to release additional foreign currency holdings and take other measures to stabilize the local foreign exchange market.
Lee also ordered civil servants to refrain from nonessential overseas travels
this year, as a gesture to support a nationwide drive to save foreign currencies.
The president made the remark while presiding over a luncheon meeting with
Finance Minister Kang Man-soo, chairman of the Financial Services Commission Jun
Kwang-woo, and Bank of Korea governor Lee Seong-tae, as well as other
policymakers.
"Despite the outbreak of unexpected global turmoil, the nation's policymaking and
oversight agencies have minimized market fluctuations by taking countermeasures
in a swift and sophisticated manner," said Lee at the meeting held shortly after
he returned home from a three-day trip to Russia.
"However, international financial markets are still unstable and the government
has to ensure that sufficient foreign currencies are provided to the local
market."
In recent weeks, the value of the Korean won has steadily weakened against the
U.S. dollar, plunging to 1,207 won against the greenback on Tuesday, the weakest
in over five years. The currency recovered slightly Wednesday, closing at 1,187
won to the dollar.
ycm@yna.co.kr
(END)
Lee also ordered civil servants to refrain from nonessential overseas travels
this year, as a gesture to support a nationwide drive to save foreign currencies.
The president made the remark while presiding over a luncheon meeting with
Finance Minister Kang Man-soo, chairman of the Financial Services Commission Jun
Kwang-woo, and Bank of Korea governor Lee Seong-tae, as well as other
policymakers.
"Despite the outbreak of unexpected global turmoil, the nation's policymaking and
oversight agencies have minimized market fluctuations by taking countermeasures
in a swift and sophisticated manner," said Lee at the meeting held shortly after
he returned home from a three-day trip to Russia.
"However, international financial markets are still unstable and the government
has to ensure that sufficient foreign currencies are provided to the local
market."
In recent weeks, the value of the Korean won has steadily weakened against the
U.S. dollar, plunging to 1,207 won against the greenback on Tuesday, the weakest
in over five years. The currency recovered slightly Wednesday, closing at 1,187
won to the dollar.
ycm@yna.co.kr
(END)