The government said it met with export corporations and discussed public-private cooperation plans to stabilize the exchange rate.
On the 21st, Vice Minister Heo Jang of the Ministry of Finance and Economy held a meeting at Government Complex Seoul with major export corporations, including Samsung Electronics, SK hynix, Hyundai Motor·Kia, HD Korea Shipbuilding & Offshore Engineering, Hanwha Ocean, and Samsung Heavy Industries.
Vice Minister Heo said, "Right before the export corporations meeting in June, the won-dollar exchange rate had risen to the 1,550-won range, but the recent expansion of export corporations' currency conversions, shipbuilders' forward dollar selling, and the inflow of funds from SK hynix's ADR issuance have pulled it down to the high-1,400-won range, easing some of the supply-demand imbalance," and added, "Foreign currency supply and demand in the second half will improve further on continued semiconductor strength."
The participating corporations agreed to more actively join the government's efforts to stabilize foreign exchange supply and demand so that the recent improvement in supply-demand flows can lead to stability in the foreign exchange market.