The Bank of Korea announced measures to stabilize the foreign exchange market after a non-routine committee meeting.

The Bank of Korea held a non-routine 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 announcing that, in order to stabilize the foreign exchange market, South Korea will exempt banks from the foreign exchange stabilization tax for 6 months. The Bank of Korea will pay interest on excess foreign exchange reserve deposits by financial institutions for 6 months. Following the announcement, officials from the Bank of Korea stated during a briefing that these measures are aimed at addressing the short-term imbalance in foreign exchange supply and demand.