Kim Beomseok, Acting Minister of Strategy and Finance, is taking a commemorative photo with participants before the macroeconomic and financial issues meeting held at the Bankers' Hall in Jung-gu, Seoul, on the morning of the 16th. From the left, Lee Bokhyun, Governor of the Financial Supervisory Service; Lee Changyong, Governor of the Bank of Korea; Kim Beomseok, Acting Minister; Kim Byunghan, Chairman of the Financial Services Commission.
The government has announced that the third-stage Stress DSR will be implemented as originally planned starting in July, and that the detailed plan will be released next week.
Kim Beomseok, Acting Minister of Strategy and Finance, made this announcement during the F4 meeting held at the Bankers' Hall in Jung-gu, Seoul, on May 16, together with Lee Changyong, Governor of the Bank of Korea; Kim Byunghan, Chairman of the Financial Services Commission; and Lee Bokhyun, Governor of the Financial Supervisory Service.
Acting Minister Kim stated, "The third-stage Stress DSR will be implemented as originally scheduled starting in July. However, we recognize the need to apply it differently in the Seoul metropolitan area and in regional areas, considering factors such as the construction market in the provinces. The detailed implementation plan will be announced next week."
Regarding the volatility in the won-dollar exchange rate, which has been affected by tariff negotiations between the United States and China, he said, "We will continue to monitor market conditions through the macroeconomic and financial issues meeting (F4 meeting)."
The participants noted that while the domestic financial and foreign exchange markets have generally remained stable recently, external uncertainties persist, including tariff negotiations between major countries and the United States, as well as the U.S. economic situation. Therefore, they will continue to closely monitor market conditions.
It was belatedly revealed that the U.S. and South Korean Deputy Ministers for International Affairs met in Milan, Italy, on May 5 for exchange rate negotiations. As a result, the won-dollar exchange rate experienced sharp fluctuations, repeatedly surging and dropping over the two days of May 14 and 15.
On the previous day in the Seoul foreign exchange market, the won-dollar exchange rate closed at 1,394.5 won, down 25.7 won from the previous session. During after-hours trading, it plunged to as low as 1,390.8 won, but then partially rebounded to close at 1,398.00 won, marking a decrease.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
