Seoul: The finance ministry vowed Friday to enhance communications with the United States to strengthen mutual understanding and trust regarding foreign exchange rate policies. The pledge came after the U.S. Treasury Department kept South Korea on its monitoring list for currency practices. Seoul was reinstated on the list in November 2024 after being removed in November 2023 for the first time since April 2016.
According to Yonhap News Agency, the ministry stated, "We will continue to expand mutual understanding and trust regarding exchange rate policies through regular communication with the U.S. Treasury Department." The ministry emphasized the importance of ongoing discussions between Korean and U.S. financial authorities on exchange rate issues, stating that these will be conducted thoroughly.
Currency policy has been one of the key topics in bilateral negotiations related to U.S. President Donald Trump's administration's sweeping tariff measures. In April, the two countries agreed to focus their talks on four categories: tariff and non-tariff measures, economic security, investment cooperation, and currency policy. They aim to reach a "package" agreement by July 8, coinciding with the end of the 90-day suspension of Washington's tariff implementation.
Last month, South Korea's Deputy Finance Minister Choi Ji-young met with U.S. Treasury Assistant Secretary for International Finance Robert Kaproth on the sidelines of the 58th Asian Development Bank Annual Meeting in Milan to discuss currency-related issues.