The Straits Times
www.straitstimes.com
Published on Nov 21, 2012
 

S. Korea must monitor won volatility: Finance minister

 
 

SEOUL (REUTERS) - South Korea needs to scrutinise the won's recent volatility and will take action to stabilise the exchange rate if necessary, Finance Minister Bahk Jae-wan said on Wednesday, the latest warning against the currency's sharp rise.

"The government will closely monitor domestic and international financial market conditions and take appropriate measures should conditions warrant a response," Mr Bahk said at a weekly policy meeting.

Mr Bahk's comments contrast with the views of Vice-Finance Minister Shin Je-yoon who said on Tuesday he did not believe current market conditions demanded new regulations to reduce the risks from rapid foreign capital inflows.

At the end of Tuesday's onshore trading, the local currency was up 0.9 per cent against the US dollar for the week.