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As the exchange rate has recently soared, the government summoned executives from major domestic export companies in semiconductors, automobiles, and shipbuilding, strongly urging them to actively participate in foreign exchange market stability through measures such as expanding currency hedging ratios. However, despite the government’s measures, the won-dollar exchange rate rose (weakening the won’s value) and approached the 1,480 won level. The Ministry of Economy and Finance announced on Dec. 16 that it held a Foreign Exchange Market-related Export Company Meeting at the Government Complex Seoul, presided over by First Vice Minister Lee Hyeong-il. The meeting was attended by representatives from Samsung Electronics, SK Hynix, Hyundai Motor, and Kia, which lead domestic exports, as well as officials from the shipbuilding industry’s HD Korea Shipbuilding & Offshore Engineering, Samsung Heavy Industries, and Hanwha Ocean, which are major suppliers of currency forwards. At the meeting, Vice Minister Lee emphasized, “Concerns about recent won volatility expansion are growing,” adding, “Given that major export companies have a significant impact on the national economy and people’s livelihoods, individual companies’ currency risk management is more important than ever.” In particular, Lee mentioned expanding currency hedging and other measures to the participating companies, requesting their active cooperation for foreign exchange market stability. This is interpreted as a message asking companies not to hold onto dollars in anticipation of exchange rate increases, but rather to play a role in reducing uncertainty by supplying dollar liquidity to the market through hedging transactions such as selling currency forwards. This meeting was organized as an extension of the message delivered on Nov. 30 by Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol, who stated, “We will regularly monitor export companies’ currency exchange and overseas investment status.” Lee repeatedly emphasized corporate-level cooperation for improving foreign exchange supply and demand in the direct meeting with company executives, seeking ways for the government and companies to achieve mutual benefit. Additionally, the Ministry of Economy and Finance officially introduced the Foreign Currency Affairs Support Task Force (TF) recently established internally to the companies and requested close cooperation in future data sharing and other areas. Company officials expressed consensus that foreign exchange market stability is essential for smooth business operations and indicated their willingness to cooperate with future government requests. However, despite these measures, the exchange rate rose on this day. In the Seoul foreign exchange market, the won-dollar exchange rate closed weekly trading at 1,477 won, up 6 won from the previous day. submitted by /u/Substantial-Owl8342 |
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