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제목SOUTH KOREA: GOVERNMENT ABOLISH CONTROLS ON CURRENCY
설명Taking new steps toward liberalizing its economy, South Korea abolished all controls on its currency on Tuesday. The move was greeted with enthusiasm by the stock market and the South Korean won strengthened. But some analysts say this may just be a temporary trend and warn that it is too soon to be optimistic. The latest move by the South Korean government to reverse the country's economic fortunes was welcomed by the markets. Minutes the start of start of trading on Tuesday, the South Korean currency, the won, had strengthened by nearly 150 points to just over 14 hundred won (1,415) to the dollar. And the key index on the Seoul stock exchange was up 4.2 percent at midday, a gain of 16.11 points to 401.91. On Monday the government announced that it would allow a foreign company to buy at least one of its debt-ridden commercial banks. The move reversed a decision taken earlier this month by Seoul to funnel two (b) billion dollars into Korea First Bank and Seoul Bank to keep them afloat. Despite South Korea's acceptance of a record 57 (b) billion dollar bailout from the International Monetary Fund two weeks ago, its economy has continued to slide. The government hopes the latest reforms will boost sagging overseas confidence in South Korea's pledge to restructure its financial sector and open it to foreign investment. On Monday the a senior official of the World Bank said his organisation had confidence in the future of the South Korean economy. SOUNDBITE: (English) "The World Bank's commitment to support the Korean economy represents our recognition that the Korean economy is poised for strong growth in the future." SUPER CAPTION: Joseph E. Stiglitz, Senior Vice President of World Bank However, market analysts warn that the up trend from today is most likely to be temporary and that unless the liquidity problem is solved, the problem will not go away. SOUNDBITE: (Korean) "Overall, there is still a shortage of dollars. The dollar can become strong again. Unless there is a massive inject of dollars into the financial market, the dollar can rise to 1800 to 2000 to the won." SUPER CAPTION: Kim Kwang Ho, ANZ bank The financial crisis has caught the full attention of the South Koreans. South Korea's presidential election take place on December 18th. They brave the bitter winter cold to listen to presidential candidates make their campaign pledges on ways to save the economy. This supporter says that the future president must work hard to save the economy. SOUNDBITE: (Korean) "The economy can't come back to life with empty promises. I'm looking for a working president who can bring back." SUPER CAPTION: Vox pop But despite the government's policies to bring back international confidence to South Korea, distrust for the government is growing. But worried South Koreans are still hoarding many basic household items such as sugar and cooking oil fearful that prices will rise. This large warehouse supermarket in Seoul is full of shoppers filling their carts with basic necessities such as toilet paper, sugar, cooking oil and flour. Due to the weaker won, import cost of raw materials to produce such items would become more expensive, thus making the retail price higher. This supermarket's surplus stock was wiped out. Shelves are empty and notices are put up by the supermarket asking shoppers to limit their purchases. This shopping district in Seoul caters mostly to foreign shoppers. Business has increased and shoppers are equally happy because a stronger dollar means that they could buy quality goods for less than half the price. SOUNDBITE: (Korean) SUPER CAPTION: Kang Jung Oh, Shop Owner SOUNDBITE: (English) You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
생산자AP Archive
날짜1997-12-16
기록유형동영상
기록형태영상클립
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연관링크https://youtu.be/pF2k2vGuY4o
식별번호KC-R-05376
제목SOUTH KOREA: GOVERNMENT ABOLISH CONTROLS ON CURRENCY
설명Taking new steps toward liberalizing its economy, South Korea abolished all controls on its currency on Tuesday. The move was greeted with enthusiasm by the stock market and the South Korean won strengthened. But some analysts say this may just be a temporary trend and warn that it is too soon to be optimistic. The latest move by the South Korean government to reverse the country's economic fortunes was welcomed by the markets. Minutes the start of start of trading on Tuesday, the South Korean currency, the won, had strengthened by nearly 150 points to just over 14 hundred won (1,415) to the dollar. And the key index on the Seoul stock exchange was up 4.2 percent at midday, a gain of 16.11 points to 401.91. On Monday the government announced that it would allow a foreign company to buy at least one of its debt-ridden commercial banks. The move reversed a decision taken earlier this month by Seoul to funnel two (b) billion dollars into Korea First Bank and Seoul Bank to keep them afloat. Despite South Korea's acceptance of a record 57 (b) billion dollar bailout from the International Monetary Fund two weeks ago, its economy has continued to slide. The government hopes the latest reforms will boost sagging overseas confidence in South Korea's pledge to restructure its financial sector and open it to foreign investment. On Monday the a senior official of the World Bank said his organisation had confidence in the future of the South Korean economy. SOUNDBITE: (English) "The World Bank's commitment to support the Korean economy represents our recognition that the Korean economy is poised for strong growth in the future." SUPER CAPTION: Joseph E. Stiglitz, Senior Vice President of World Bank However, market analysts warn that the up trend from today is most likely to be temporary and that unless the liquidity problem is solved, the problem will not go away. SOUNDBITE: (Korean) "Overall, there is still a shortage of dollars. The dollar can become strong again. Unless there is a massive inject of dollars into the financial market, the dollar can rise to 1800 to 2000 to the won." SUPER CAPTION: Kim Kwang Ho, ANZ bank The financial crisis has caught the full attention of the South Koreans. South Korea's presidential election take place on December 18th. They brave the bitter winter cold to listen to presidential candidates make their campaign pledges on ways to save the economy. This supporter says that the future president must work hard to save the economy. SOUNDBITE: (Korean) "The economy can't come back to life with empty promises. I'm looking for a working president who can bring back." SUPER CAPTION: Vox pop But despite the government's policies to bring back international confidence to South Korea, distrust for the government is growing. But worried South Koreans are still hoarding many basic household items such as sugar and cooking oil fearful that prices will rise. This large warehouse supermarket in Seoul is full of shoppers filling their carts with basic necessities such as toilet paper, sugar, cooking oil and flour. Due to the weaker won, import cost of raw materials to produce such items would become more expensive, thus making the retail price higher. This supermarket's surplus stock was wiped out. Shelves are empty and notices are put up by the supermarket asking shoppers to limit their purchases. This shopping district in Seoul caters mostly to foreign shoppers. Business has increased and shoppers are equally happy because a stronger dollar means that they could buy quality goods for less than half the price. SOUNDBITE: (Korean) SUPER CAPTION: Kang Jung Oh, Shop Owner SOUNDBITE: (English) You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
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날짜1997-12-16
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연관링크https://youtu.be/pF2k2vGuY4o
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