[THE INVESTOR] Finance Minister Yoo Il-ho on July 4 denied that the government is directly intervening in the forex market to control exchange rates.
“(The government) has done nothing to become directly involved in the market to (bring about) low or high exchange rates,” Yoo, who also doubles up as deputy prime minister for economic affairs, said in response to a query by Rep. Yoo Sung-yop of the minor opposition People’s Party.
Finance Minister Yoo IL-ho
The opposition lawmaker had stated that the economy was deteriorating despite the Park Geun-hye administration’s policy of keeping the won weak against the dollar.
“Minor adjustments may be made when there are major fluctuations, but if (the government) becomes directly involved there will be international retaliation, or bring opposite effects,” the finance minister said.
He also refuted claims that the government’s economic policies have failed, blaming the world economy for Korea’s 2015 growth rate falling short of 3 percent.
By Choi He-suk (
cheesuk@heraldcorp.com)