The governor of the Bank of South Korea said that the won is unlikely to return to its previous levels, Yonhap News Agency reported on Tuesday. It is difficult for the dollar-won exchange rate to return to the levels seen in the past.
The report quoted Bank of Korea Governor Ri Chang-yong as saying in a meeting with lawmakers that it is difficult to say that the exchange rate of the dollar against the won has stabilized and that the market is in a wait-and-see mode.
After the report, the Bank of Korea said in a statement that the governor said it was difficult “at the moment” after President Yeon Suk-yeol’s attempt to impose martial law on December 3.
Yoon suddenly lifted martial law just hours after it was imposed after Parliament rejected his attempt to ban political activity and censor the media.
The won reached 1,427.8 won against the dollar, compared to its previous close of 1,435.0 won and a two-year low of 1,442.0 won hit last week amid political unrest.
