S.Korea's central bank governor says won's weakness against dollar to continue
2/9/2008 16:36
South Korean currency won's weakness against the US dollar might continue
for a considerable period of time, said Lee Seong-tae, governor of South Korea's
central bank, today.
Instability in domestic financial markets came as a
global credit squeeze has deepened, stemming from the US subprime mortgage rout,
Lee Seong-tae said at a parliamentary seminar.
Global financial market
jitters are hurting the balance of supply and demand in the currency market,
which is putting downward pressure on the won, he added.
South Korea's local
currency closed at 1,116 won against one US dollar yesterday, which was the
lowest level in about 46 months. The won has fallen more than 16 percent against
the dollar so far this year.
Lee said the South Korean economy is expected to
face a bumpy road ahead, but the situation is not like that of the 1997 Asian
financial crisis.
Xinhua
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