Focus on Soaring Exchange Rates After Martial Law Incident
"Benefits for Cost-Sensitive Travelers"
Following the declaration of martial law, some countries have issued 'travel advisories' for South Korea, but an Indian media outlet has instead claimed that "now is an opportunity to travel to Korea," drawing attention.
On the 5th (local time), the Indian media 'Curly Tales' reported, "Security may be tightened in certain areas of Korea, but there are still no major restrictions on tourist movement." It added, "The current situation could bring unexpected benefits to travelers."
The media highlighted the 'exchange rate' as an attractive point for traveling to Korea. As of the 6th, the won-to-dollar exchange rate remains around 1,410 won. At the time of the martial law declaration, the exchange rate was in the 1,380 won range, then surged to the 1,440 won range before gradually stabilizing. On the morning of the same day, it hovered around 1,420 won but dropped back to the 1,410 won range in the afternoon.
The Korean won is already at its lowest level against the dollar in two years and is generally weak against other currencies as well. In other words, for foreign tourists, traveling in Korea has become more affordable.
The media advised, "The cost advantage arising from exchange rate fluctuations will be a good opportunity for budget-conscious travelers," but also recommended, "Avoid political rallies as much as possible and check the latest travel advisories, such as registering travel details with embassies."
Major countries such as the United States, the United Kingdom, and Japan have urged their citizens to exercise extra caution when traveling to Korea. In response, the Korean government sent diplomatic notes to foreign missions to prevent damage caused by a decline in visitors to Korea. The notes reportedly stated that the martial law was lifted following democratic procedures, public and safety order is being maintained, and there is no impact on tourism and economic activities.
Meanwhile, the Bank of Korea expects the sharply risen exchange rate to stabilize. At a press briefing the previous day, Lee Chang-yong, Governor of the Bank of Korea, explained, "The exchange rate surged sharply at the dawn of the martial law announcement but fell again after parliamentary discussions led to its lifting, and it remained stable until yesterday. So far, short-term financial market stability is being achieved as expected."
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