▲ Heo Jang, Second Vice Minister of Economy and Finance, presides over the Won Internationalization Task Force (TF) meeting at the Government Complex Seoul on July 8.
Heo Jang, Second Vice Minister of Economy and Finance, emphasized today (July 8) that "the internationalization of the Korean won is a key task for upgrading our foreign exchange and financial markets to the next level."
According to the Ministry of Economy and Finance, Vice Minister Heo made the remarks while presiding over the Won Internationalization Task Force (TF) meeting at the Government Complex Seoul, stating that it is "a fundamental reform of the foundation of foreign exchange policy that has been maintained since the 1997 Asian financial crisis."
The meeting discussed the "Won Internationalization Roadmap," which is being pursued with the goal of transitioning the won from a restricted currency to a freely convertible currency.
The roadmap, prepared since February in collaboration with relevant agencies including the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service, and the Korea Securities Depository, will be finalized and announced later this month after final coordination.
The meeting also addressed response measures to potential risks, such as increased volatility in the foreign exchange market, that may arise during the process of internationalizing the won.
The Ministry of Economy and Finance stated, "Participants agreed to swiftly flesh out detailed implementation plans for each task following the announcement of the roadmap. Furthermore, they decided to continue cooperating by using the Won Internationalization TF as a central hub to communicate with the market and monitor the progress of each task."
(Photo: Provided by the Ministry of Economy and Finance, Yonhap News)
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