As the won-dollar exchange rate surpassed 1,480 won, the Financial Supervisory Service encouraged the financial sector to support export corporations through measures such as extending the maturity of foreign currency loans and import letters of credit.
The FSS noted on the 27th that it held a financial situation inspection meeting chaired by Chief Deputy Lee Se-hoon in the morning, where they assessed the sharp rise in the exchange rate and the year-end funding market trends.
The FSS evaluated that despite recent volatility in the foreign exchange market and timely corrective measures on some savings banks, the overall financial sector and corporations' funding situation remains stable. It also judged that there has been no large-scale capital movement between retirement pension areas concentrated at the year-end and that the conditions for corporate bond issuance are favorable.
However, the FSS stated that due to the possibility of market instability arising from the rising exchange rate, it would communicate with the financial sector and corporations to review their difficulties and provide active support. Chief Deputy Lee Se-hoon said, "We will actively support the implementation of measures to improve foreign exchange supply and demand, such as increasing the limits on foreign exchange forward positions for financial companies and easing restrictions on the purposes of foreign currency loans, and will continue to discover improvement measures for foreign exchange supervision in the financial sector to alleviate the burden on export corporations."
The FSS plans to swiftly support necessary measures to ensure that tailored debt restructuring, support for those who have closed their businesses, and cooperative finance for small businesses can be smoothly implemented.