South Korea and US Agree to Address Won Volatility Issues
South Korea and the US agreed on Friday that excessive won volatility is undesirable. They also reviewed a $350 billion investment plan in the United States.
Top finance officials from South Korea and the United States have reached a consensus regarding the recent instability of the foreign exchange market. During a bilateral meeting held in Washington, D.C., South Korean Finance Minister Koo Yun-cheol and U.S. Treasury Secretary Scott Bessent agreed that the excessive volatility currently affecting the USD/KRW exchange rate is not desirable for either economy.
The discussions took place on Friday on the sidelines of the Group of 20 (G20) finance ministers and central bank governors meeting. Both parties committed to maintaining close consultations regarding developments in the foreign exchange market to ensure stability.
