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finance ministry-exporters
SEOUL, July 22 (Yonhap) -- The government has called on exporters to play a proactive role in stabilizing the foreign exchange market, including the converting of export proceeds into the Korean won, the finance ministry said Wednesday.
Second Vice Finance Minister Huh Chang met with officials from major exporters, including Samsung Electronics Co., SK hynix Inc. and Hyundai Motor Group, on the previous day to discuss ways to cooperate in addressing recent volatility in the foreign exchange market.
During the meeting, Huh noted that the Korean won, which had weakened to around 1,550 won against the greenback, has since recovered to the upper 1,400-won range, supported by exporters' efforts, including inflows from SK hynix's American depositary receipt (ADR) offering on the Nasdaq market.
The supply of U.S. dollars in the second half is expected to improve further on the back of the semiconductor supercycle and the country's strong economic fundamentals, Huh added.
"While external uncertainties, such as the lingering Middle East conflict, continue, the government is fully committed to promptly anchoring market expectations for stability," Huh said.
Huh also asked exporters to take a proactive role in converting their export proceeds and foreign currency deposits into the Korean won and bringing overseas retained funds back into the country.
The companies agreed that a stable foreign exchange environment helps ease uncertainties and provides a stable foundation for investment and business management, pledging to play a more responsible role in supporting the government's efforts.
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