President Lee Jae-myung met with U.S. Treasury Secretary Scott Bessent, who visited Korea, and discussed the need to strengthen cooperation in the foreign exchange market.
According to the Blue House on the 13th, President Lee said in a meeting with Minister Bessent that morning, "Even amid a recent expansion of uncertainty, the economies of Korea and the United States are showing stability," and "the two countries should communicate closely and further strengthen their economic cooperation."
President Lee was said to have emphasized the need for cooperation in the core mineral supply chain and the foreign exchange market, along with expanding cooperation in the economy and technology. The Blue House said Minister Bessent agreed and noted the need for close cooperation between the two countries going forward.
In this context, discussions were also said to have taken place on various foreign exchange market stabilization measures, including a Korea-U.S. currency swap. However, regarding media reports that "the president proposed a Korea-U.S. currency swap during the meeting," the Blue House said, "We cannot confirm the specifics of the meeting."
Inside and outside the government, there is an interpretation that discussion of a currency swap is not a new issue but one that has been raised continuously amid the recent expansion of investment in the United States and the need to stabilize the foreign exchange market. The government plans to launch the Korea-U.S. Strategic Investment Corporation along with the enforcement of the Special Act on Investment in the United States next month and to proceed in earnest with investment projects in the United States.
Economic authorities have also consistently noted the need for a currency swap in light of the need to secure dollars amid recent foreign exchange market stabilization efforts and large-scale investment in the United States. In the market, if a Korea-U.S. currency swap is concluded, it is assessed that it could serve as a meaningful safety valve in terms of securing foreign currency liquidity and stabilizing exchange rates.