The Republic of Korea and the United States signed a bilateral currency swap agreement – valued at US$60 billion – for the first time in 11 years. This good news reached us on the day when we held the 1st Emergency Economic Council Meeting and unveiled an unprecedented aid package to stabilize people’s livelihoods and finances. I am certain that this agreement will go a long way toward stabilizing Korea’s foreign exchange market.
I’d like to extend words of encouragement to the Bank of Korea, which led international cooperation, and the Ministry of Economy and Finance, which provided active support in this effort and took the initiative to organize collaboration here domestically. In this time of emergency, this swap is fruit borne from a sense of duty as the “central economic response headquarters.”
To date, the Bank of Korea has bolstered its standing by addressing various economic situations in a responsible manner based on its independence and expertise as the central bank. This latest achievement is also the result of such efforts. I’m grateful for their hard work.
The people must feel reassured by the outcome created by cooperation between the monetary and fiscal authorities. I also extend my gratitude to the United States for demonstrating leadership as a country with a key currency.
The Government will continue to devise strong measures to stabilize bond and stock markets as well, following the step taken to stabilize the foreign exchange market.