Posted May. 31, 2002 08:48,
Minister of Finance and Economy, and vice- Prime Minister, Jun Yun-cheol stated on
30th that it is not thinking on having any direct involvement in Foreign Exchange
Market.
Vice-Prime Minister Jun said at Sejong forum, which was held at Sejong hotel, Seoul on
30th, “uphill speedy rise of won is not good at all and if necessary, we will arrange
proper measures” and “however, government`s direct involvement in market is
irrational”.
With regard to this, MOFE concerned explained, “matter of involvement in market by
foreign exchange authority is estimated by participants of market only and it is not a
matter in which government should clarify officially. Government is preparing various
measures considering several possibilities”.
Vice-Prime Minister Jun added related to recent economic trend, “favorable tone of
exports is continuing, therefore, we plan to modify economic prospect for making plan
for managing economy latter this year, in the end of June” and “however, we don`t
expect facility investment much”.
He said, “youth unemployment is due to problem of education” and criticized,
“universities and ministry of education and human resource is protecting education
matter like `sacrosanct area` ”.
Vice-PM Jun said, “ recently, representatives of foreign companies suggested to deduct
tax on income, and corporation tax, etc” and “however, as achieving 3 percent growth
amid international economic stagnation and recovery of A of national credit level is
based on sound finance, therefore, deduction of tax should be judged carefully”.