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Seoul to take steps if necessary to stabilize local FX market: finance minister
Updated: 2021-10-14 13:40:39 KST
South Korea will take steps to stabilize the local foreign exchange market if it is considered to be volatile.
This is according to Finance Minister Hong Nam-ki while speaking to reporters after attending a meeting with G20 finance ministers and central bank governors in Washington on Wednesday.
Hong noted that recent fluctuations in the local foreign exchange market were driven by several factors such as the strengthening of the U.S. dollar amid global uncertainties and a surge in domestic investments in overseas stock markets.
He added that it's "very undesirable" for the exchange rate to fluctuate due to speculative factors.
The finance minister said the government is closely monitoring the situation and will implement measures if needed.
Addressing concerns over inflation, the minister also vowed to keep tabs on rising consumer prices.
Hong reiterated that the country's inflation is expected to reach 2 percent this year, slightly higher than its initial 1.8 percent target.
However, this could be difficult as consumer prices have seen on-year rises of more than two percent for six straight months.
Just last month, South Korea's consumer prices were up two.five percent compared to a year earlier.
Min Suk-hyen, Arirang News.
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