S. Korea devalues money to increase its exports

South Korea has devalued its currency by nearly 20 percent in an attempt to boost commodity exports and cut its balance-of-payments deficit by at least $600 million. The new rate pegged the Korean won at 580 to the US dollar, a drop of 19.83 percent from the previous rate of 484 to the dollar. Lee Hahn Been, Deputy Premier and Economic Planning Minister, said the action was necessary because South Korea would face zero or even negative annual growth in 1980 after years of record-breaking prosperity.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK