Korea’s foreign exchange market will stabilize once risks stemming from tensions in the Middle East are resolved, Finance Minister Koo Yun-cheol said. “If risks related to the Middle East conflict are resolved, the market will regain stability,” the minister told reporters in Washington on Wednesday (U.S. time), according to the finance ministry. Koo is currently on a visit to the U.S. to attend a meeting of Group of 20 finance ministers and annual gatherings of the International Monetary Fund and the World Bank. The finance minister insisted that the Korean won, which he said has diverged excessively from economic fundamentals, is expected to return to “normal” levels once the government’s major foreign exchange policies are put in place. When asked what level would be considered normal, Koo said it was difficult to specify because foreign exchange rates are determined by the market. “Given the current conditions of foreign currency supply, foreign investors are showing strong interest in investing in the domestic market,” he said. Koo also emphasized the Seoul government’s efforts to mee
Finance chief says FX market will stabilize once Middle East risk eases
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