ID :
22366
Fri, 10/03/2008 - 09:07
Auther :
Shortlink :
http://m.oananews.org//node/22366
The shortlink copeid
Use of foreign reserves to stabilize currency appropriate: finance minister
(ATTN: ADDS detailed figure in 2nd para)
SEOUL, Oct. 2 (Yonhap) -- It is appropriate to use foreign reserves to stabilize the currency market amid growing concerns over global financial instability, Finance Minister Kang Man-soo said Thursday.
The government will also supply US$5 billion in foreign currency to small and
medium-sized exporters starting next week in order to ease jitters over a foreign
capital shortage, Kang told a meeting of high-ranking officials gathered to
discuss economic measures.
On Thursday, South Korea's currency tumbled to a 65-month low against the U.S.
dollar. Kang's comments come as local companies and banks are having difficulty
securing foreign capital amid tightening credit conditions.
kokobj@yna.co.kr
(END)
SEOUL, Oct. 2 (Yonhap) -- It is appropriate to use foreign reserves to stabilize the currency market amid growing concerns over global financial instability, Finance Minister Kang Man-soo said Thursday.
The government will also supply US$5 billion in foreign currency to small and
medium-sized exporters starting next week in order to ease jitters over a foreign
capital shortage, Kang told a meeting of high-ranking officials gathered to
discuss economic measures.
On Thursday, South Korea's currency tumbled to a 65-month low against the U.S.
dollar. Kang's comments come as local companies and banks are having difficulty
securing foreign capital amid tightening credit conditions.
kokobj@yna.co.kr
(END)
