The Bank of Korea held an extraordinary committee meeting on Friday to discuss measures to stabilize the foreign exchange market. The Bank of Korea and the Ministry of Finance issued a joint statement saying that in order to stabilize the foreign exchange market, South Korea will exempt banks from foreign exchange stabilization tax for 6 months. The Bank of Korea will pay interest to financial institutions in excess of foreign exchange reserves for 6 months. After the announcement was issued, Bank of Korea officials said at the briefing that these measures are aimed at resolving the short-term imbalance between foreign exchange supply and demand.

The Bank of Korea held an extraordinary committee meeting on Friday to discuss measures to stabilize the foreign exchange market. The Bank of Korea and the Ministry of Finance issued a joint statement saying that in order to stabilize the foreign exchange market, South Korea will exempt banks from foreign exchange stabilization tax for 6 months. The Bank of Korea will pay interest to financial institutions in excess of foreign exchange reserves for 6 months. After the announcement was issued, Bank of Korea officials said at the briefing that these measures are aimed at resolving the short-term imbalance between foreign exchange supply and demand.