South Korea's President Lee Myung-bak on Wednesday accused unnamed corporations and investors that are trying to earn easy money from speculating in the foreign currency market amid global financial turmoil.
"Dollar hoarding appears to be rampant amid the scarcity of the U.S. currency," Lee said.
"Some businesses and individuals seem to think they can get rich quickly by hoarding dollars amid the won's crash in value. But individual greed should be put aside in times of national crisis," said the president.
Lee urged potential currency speculators to stop their inappropriate action, stressing that the nation has enough foreign currency reserves to prevent foreign exchange crisis.
The president said South Korea has nothing to fear, as all of its foreign currency holdings can be instantly cashed and are more than enough to cover its maturing short-term foreign debts.
Moreover, he added that the nation is expected to post export surpluses in the last quarter of this year.
Lee's remarks came as the local currency closed at a near 10-year low of 1,395 against the U.S. dollar amid growing concerns about Seoul's limited foreign currency reserve.
Source: Xinhua
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