Key facts
- South Korea has introduced measures to counter the won's slide.
- The won has reached its weakest level since 2009.
- Authorities will take firm action against speculative trading.
- The Bank of Israel bought $801 million in May.
- The shekel reached its strongest level in over three decades.
- The Bank of Israel intervened in the foreign exchange market.
- Measures are intended to curb currency speculation and market swings.
South Korea has announced a series of measures aimed at stabilizing its currency, the won, which has recently hit its weakest point since 2009. The government has committed to taking decisive action against speculative trading and other practices that have exacerbated recent fluctuations in the foreign exchange market. These steps are intended to curb further depreciation and restore confidence in the won.
In a separate but related development concerning currency intervention, the Bank of Israel revealed that it purchased $801 million in May. This intervention was undertaken to counteract the strengthening of the Israeli shekel, which had reached its highest level in over three decades. The central bank's action highlights a global trend of monetary authorities managing currency valuations to maintain economic stability and competitiveness.