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Gov't closely monitors foreign exchange market following weakening won, Iran crisis: Finance chief

Published: 04 Mar. 2026, 15:14

Finance Minister Koo Yun-cheol speaks at a special parliamentary committee meeting for a special U.S. investment bill at the National Assembly in western Seoul on March 4.

The government is closely monitoring the foreign exchange (FX) market amid the recent weakness of the won, sparked by an external shock, the finance minister said on Wednesday, likely referring to the ongoing U.S. and Israeli strikes against Iran.

Finance Minister Koo Yun-cheol made the remarks at a meeting of the special parliamentary committee for a special bill to support Korea's investment in the United States, as the won-dollar exchange rate briefly touched the 1,500-won level overnight.

As of 11:28 a.m., the won was trading at 1,479.5 won, sliding 13.4 won from the previous session.

Koo told lawmakers the current foreign exchange market volatility is largely stemming from external factors, likely alluding to the Iran crisis.

Asked whether a currency swap deal between Seoul and Washington is needed, Koo said the United States views Korea as having sufficient dollar reserves, as the country holds a combined $1 trillion in foreign currency assets, including a $400 billion reserve owned by the state.

Yonhap