© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen and South Korean Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho meet at Lotte Hotel, in Seoul, South Korea July 19, 2022. Chung Sung-Jun/Pool via REUTERS
SEOUL (Reuters) – The United States and South Korea agreed on Saturday to implement liquidity facilities to stabilise financial markets if needed, Korea’s finance ministry said after a teleconference between finance chiefs of the two countries.
“The two countries are ready to work closely together to implement liquidity facilities when necessary, such as when financial instability is aggravated by the spread of liquidity crunch in major economies, including Korea,” the ministry said in a statement said after a call between the U.S. Treasury Secretary Janet Yellen and South Korea finance minister Choo Kyung-ho.
The won is near its lowest level since March 2009, has weakened 17% against the surging U.S. dollar so far in 2022.