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제목SOUTH KOREA: WON FALLS 10 PERCENT 1 DAY AFTER BAILOUT PACKAGE
설명South Korea's currency fell 10 percent in early trading on Thursday - one day after the country unveiled an emergency bailout package for the ailing won. The Seoul government had hoped the new measures would restore the confidence of foreign investors, avoiding a financial free fall with wide reaching effects. South Korea's economy is interlocked with those of the U-S and Japan. After half an hour of trading on Thursday the South Korean currency plunged by the daily permitted limit of ten per cent to 1,139 won to the U-S dollar. The market was virtually halted with few buyers, despite the government announcement Wednesday of an emergency bailout package. The package included the self-help measures allowing the value of its currency to fluctuate by up to ten per cent a day. Officials hoped that would boost investors' appetite for the battered won. Doctor Inhyung Lee is the director of research at L-G Economic Research Institute in Seoul. He believes that the won will drop another ten per cent Friday. SOUNDBITE:(English) "Today, after the announcement, the exchange rate moved pretty much the way we had expected yesterday (Wednesday). It reached the upper ceiling again. I think in a way this is what the government has also expected and what the government wants to do. It wants to depreciate the Korean won further so that there will be no further expectation of depreciation of the exchange rate and probably that's the Taiwanese government think that the foreign investors might pick up some interest in our bond market." SUPER CAPTION: Inhyung Lee, Research Director, LG Economic Research Institute This market in central Seoul specialises in the sale of imported goods. The plunging value of the won has undoubtedly hurt the merchants here. Park Dae-Ryun, has been doing business at Nam Dae Moon market for over twenty years. SOUNDBITE: (Korean) "Such bad business never existed in the twenty years that I have been here. If there were about 1,000 customers a day, these days, that has decreased about 30 to 40 percent." SUPER CAPTION: Park Dae-Ryun, Shopkeeper Shopkeepers stress that it is not only the devaluation of the won that is hurting business. They see a need for political stabilisation in the country and a need to regain confidence in the economy. Analysts agree that such confidence will encourage increased foreign investment which will strengthen the currency's position. 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
날짜1997-11-20
기록유형동영상
기록형태영상클립
주제IMF협상
연관링크https://youtu.be/mfOqQRWB0S8
식별번호KC-R-05379
제목SOUTH KOREA: WON FALLS 10 PERCENT 1 DAY AFTER BAILOUT PACKAGE
설명South Korea's currency fell 10 percent in early trading on Thursday - one day after the country unveiled an emergency bailout package for the ailing won. The Seoul government had hoped the new measures would restore the confidence of foreign investors, avoiding a financial free fall with wide reaching effects. South Korea's economy is interlocked with those of the U-S and Japan. After half an hour of trading on Thursday the South Korean currency plunged by the daily permitted limit of ten per cent to 1,139 won to the U-S dollar. The market was virtually halted with few buyers, despite the government announcement Wednesday of an emergency bailout package. The package included the self-help measures allowing the value of its currency to fluctuate by up to ten per cent a day. Officials hoped that would boost investors' appetite for the battered won. Doctor Inhyung Lee is the director of research at L-G Economic Research Institute in Seoul. He believes that the won will drop another ten per cent Friday. SOUNDBITE:(English) "Today, after the announcement, the exchange rate moved pretty much the way we had expected yesterday (Wednesday). It reached the upper ceiling again. I think in a way this is what the government has also expected and what the government wants to do. It wants to depreciate the Korean won further so that there will be no further expectation of depreciation of the exchange rate and probably that's the Taiwanese government think that the foreign investors might pick up some interest in our bond market." SUPER CAPTION: Inhyung Lee, Research Director, LG Economic Research Institute This market in central Seoul specialises in the sale of imported goods. The plunging value of the won has undoubtedly hurt the merchants here. Park Dae-Ryun, has been doing business at Nam Dae Moon market for over twenty years. SOUNDBITE: (Korean) "Such bad business never existed in the twenty years that I have been here. If there were about 1,000 customers a day, these days, that has decreased about 30 to 40 percent." SUPER CAPTION: Park Dae-Ryun, Shopkeeper Shopkeepers stress that it is not only the devaluation of the won that is hurting business. They see a need for political stabilisation in the country and a need to regain confidence in the economy. Analysts agree that such confidence will encourage increased foreign investment which will strengthen the currency's position. 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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날짜1997-11-20
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연관링크https://youtu.be/mfOqQRWB0S8
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