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"Gov, No Direct Involvement in Foreign Exchange"

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


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


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”.

Joong-Hyun Park sanjuck@donga.com