SEOUL (Reuters) – South Korea's finance minister mentioned the present degree of the received, close to 1,400 to the greenback, ought to be thought-about a “new regular”, Yonhap information company reported on Wednesday, though the Ministry of Finance later denied this comment.
Choi Sang-mok, who can be vice prime minister for financial affairs, mentioned “the present degree of 1,400 ought to be thought-about totally different from the 1,400 prior to now,” in response to the report.
Choi added that South Korea's financial situations don’t enable elevating rates of interest to defend the native foreign money, throughout a gathering with journalists who accompanied him on a visit to New York, Yonhap reported.
The received has weakened practically 5% towards the greenback this month and hit its lowest degree since late July on Wednesday at 1,385.1. It final reached the psychological threshold of 1,400 in mid-April.
Shortly after Yonhap's report was launched, the Finance Ministry mentioned in a textual content message: “Vice Prime Minister Choi Sang-mok didn’t declare that the trade fee of 1,400 received to the greenback is the brand new regular.” throughout a gathering with correspondents in Manhattan, New York, on the twenty second.
About half a dozen media shops reported the feedback, however some, together with Yonhap, later deleted their articles with out rationalization.
