South Korean President Lee Myung-bak on Wednesday demanded his government to release additional foreign currency holdings and take further measures to stabilize the local foreign exchange market.
"International financial markets are still unstable and the government has to ensure that sufficient foreign currencies are provided to the local market," Lee said at a luncheon meeting with Finance Minister Kang Man-soo and other financial policymakers in Seoul.
"Despite the outbreak of unexpected global turmoil, the nation's policymaking and oversight agencies have minimized market fluctuations by taking countermeasures in a swift and sophisticated manner," Lee said.
According to South Korea's Yonhap News Agency, Lee also ordered civil servants to refrain from nonessential overseas travels this year in a bid to promote a nationwide campaign for saving foreign currencies.
The local currency on Tuesday plunged to 1,207 won against one U.S. dollar, which was the weakest in more than five years. The South Korean government has repeatedly vowed to take measures to stabilize the foreign exchange market in recent days.
Source: Xinhua
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