▲ A currency exchange office in Seoul
With the won-dollar exchange rate recently surging and foreign exchange volatility increasing, the government requested cooperation from major export companies today (June 11) to stabilize the exchange rate.
Heo Jang, Second Vice Minister of Economy and Finance, and Moon Shin-hak, Vice Minister of Trade, Industry and Energy, held a meeting with major export companies at the Government Complex Seoul today to review the current status of foreign exchange transactions and urged joint public-private efforts to mitigate exchange rate volatility, according to the Ministry of Economy and Finance and the Ministry of Trade, Industry and Energy.
During the meeting, Vice Minister Heo noted that while the real economy remains robust, a prolonged high exchange rate could increase the burden on companies and households, potentially slowing the recovery of the people's livelihood. He requested that companies convert their export proceeds immediately and make efforts to bring overseas retained earnings back into the country.
Vice Minister Moon emphasized that the role of companies is crucial in reducing the negative impact of the high exchange rate. He explained that the government plans to strengthen support, such as expanding import insurance (offering up to double the loan guarantee limit), for companies struggling with the sharp rise in raw material prices.
The participating companies expressed their understanding that sudden fluctuations in the exchange rate increase the burden of foreign exchange risk management and management uncertainty for exporters, and stated their intention to work with the government to stabilize foreign exchange supply and demand, the authorities reported.
Representatives from Samsung Electronics, SK Hynix, Hyundai Motor, Kia, HD Korea Shipbuilding & Offshore Engineering, Samsung Heavy Industries, and Hanwha Ocean attended the meeting.
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.