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New S. Korea leader vows 'pre-emptive' currency move

Published on Feb 21, 2013 2:44 PM
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South Korea's incoming president Park Geun-Hye has signalled her administration's willingness to step in to stabilise the won and protect exporters battling a stronger Korean currency and a weaker yen. -- FILE PHOTO: AFP

SEOUL (AFP) - South Korea's incoming president Park Geun-Hye has signalled her administration's willingness to step in to stabilise the won and protect exporters battling a stronger Korean currency and a weaker yen.

Park, who will be formally sworn in on Monday, told business leaders in Seoul on Wednesday that she was "acutely aware" of the importance of currency stability for the South's export-reliant economy.

"We will act in a pre-emptive and efficient manner so that our companies will not suffer," Park's spokesman quoted her as saying.

Her comments came just days after G20 finance ministers meeting in Moscow moved to calm fears of looming "economic warfare" on the currency markets.

 
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