Ahn Cheol-soo Urges President Yoon to Establish 'Exchange Rate Task Force'

A prominent opposition lawmaker has called on President Yoon Suk Yeol to create a dedicated task force to tackle the sharp depreciation of the Korean won against the U.S. dollar. The call comes as the exchange rate breached the 1560 won per dollar mark, reaching its highest level in 17 years. Ahn Cheol-soo, a lawmaker with the People Power Party, voiced his concerns on social media, highlighting the alarming rate of the won's decline. He pointed out that the current exchange rate is the highest since March 2009, during the global financial crisis. Ahn criticized the government's economic policy, suggesting that focusing solely on boosting the KOSPI index, South Korea's main stock market, is insufficient. He argued that the administration must implement concrete measures to stabilize the currency and protect the economy from further volatility. The lawmaker's statement underscores growing anxiety among policymakers and the public regarding the economic implications of the weakening currency.

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The exchange rate has surpassed 1560 won. It is the highest level in 17 years since the global financial crisis.