Former Bank of Korea Governor: The Korean won is already resilient; authorities can smooth fluctuations but cannot determine the trend

智通财经2026/09/09 04:01

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Former Bank of Korea Governor Lee Chang-yong stated that South Korea does not need to be overly concerned about short-term fluctuations of the Korean won, as the economy has undergone structural changes—South Korea has shifted from being an international net debtor to a creditor nation, so there is no need to panic when the exchange rate reaches a certain level.
He suggested that South Korean authorities need to take a different approach: as a small economy, policymakers should remain humble; based on his experience, fluctuations can be smoothed, but it is not possible to change the direction of the exchange rate—only fundamental policy reforms can achieve this.
He declined to comment on the interest rate path, but noted that policymakers may focus on key factors such as the development of the US-Iran war, the government's expansionary fiscal policy, and the US midterm elections. He also warned that even if the semiconductor cycle continues, a worsening of US-South Korea trade tensions could still have negative impacts, and the effects on inflation will also differ.

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Former Bank of Korea Governor: The Korean won is already resilient; authorities can smooth fluctuations but cannot determine the trend

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