Seoul watching closely to manage external health as USD hits new peak vs KRW
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“There remains risk factors such as reduced global liquidity,” said Bang Ki-sun, first vice minister of economy and finance, during an emergency meeting with vice ministers in charge of economic affairs to vow close monitoring and preemptive actions when deemed necessary.
The government will come up with comprehensive measures to boost exports in August and carry out efforts to improve structural trade health by enhancing competitiveness of advanced industries and energy management efficiency.
Trade deficit has been yawning to record levels as import value outweighed exports. Deficit neared $23 billion as of Aug. 10.
The U.S. dollar touched new annual highs of 1,327 won Friday afternoon, but the Korean won’s loss versus the greenback averaging 10 percent is not particular as the yen has lost 14.9 percent and euro 10.6 percent as well, the finance ministry said.
Foreign reserves stood at $438.6 billion as of end of July, up $29.4 billion from pre-Covid-19 period of February 2020. The reserves were down 5.4 percent from the end of December last year, but the loss also was not so severe versus other major countries.
Short foreign debt by Korean banks has increased, but they hold sufficient reserves to pay back.
The credit default swap (CDS) premium was at 36 basis points on August 17, easing from 56 basis points on July 6.
Despite weakening data, international confidence in Korean fundamentals remains intact, the ministry said.
Korea’s current account surplus reached $24.8 as of June, $17 billion less from a year ago. The ministry expects to keep up a surplus for the year, although it is uncertain of meeting the $50 billion target.
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