Kwon Min-soo Predicts Downward Trend for Won-Dollar Exchange Rate

Kwon Min-soo, the Deputy Governor of the Bank of Korea, stated that the overall direction of the won-dollar exchange rate is downward due to the fundamental conditions of the South Korean economy. On the 21st, he said, "It is correct for the exchange rate to trend downward based on fundamentals." This statement is interpreted not as a definitive prediction of a short-term sharp decline in the exchange rate, but rather as an assessment of direction based on fundamental conditions such as the current account balance, interest rate differentials, and growth trends. Kwon began his term on this day, which will last for three years starting from the 21st. The Deputy Governor of the Bank of Korea is appointed by the President following a recommendation from the Governor and serves as an ex-officio member of the Monetary Policy Committee. Kwon has extensive experience in the foreign exchange market and international finance, having joined the Bank of Korea in 1995 and held various positions. In his inaugural speech, he emphasized price stability and financial stability, stating his intention to enhance the capacity to respond to financial and foreign exchange markets and to promote the internationalization of the won. His remarks on the exchange rate align with this agenda, presenting the improvement of the foreign exchange market structure and the internationalization of the won as key tasks. He stressed that the challenge of broadening the scope and depth of the foreign exchange market should be aligned with volatility management and improving market accessibility. Kwon now faces the task of addressing price stability, financial stability, foreign exchange market responses, and the internationalization of the won in the early stages of his term.

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