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South Korea's finance minister says more measures will be taken to stabilize foreign exchange

SEOUL (Reuters) – South Korea’s finance minister said the government will prepare more measures to stabilize foreign exchange markets, while playing down the need for a currency swap arrangement with the United States.

Minister Choo Kyung-ho said in a TV interview on Sunday that the measures included using the government’s foreign exchange balancing fund to meet the foreign exchange hedging needs of shipbuilding companies, thereby increasing the supply of dollars in the local market.

This is part of the foreign exchange authorities’ efforts to mitigate volatility in the foreign exchange market, Choo said, in addition to the currency swap arrangement between the country’s central bank and the country’s central bank A pension fund announced Friday as they saw the won depreciate at a faster pace recently than most of its peers.

Regarding the question of the possibility of currency swap transactions between South Korean banks and the US Federal Reserve, Choo said it would definitely help the local market, but it is not necessary in the current market conditions.



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