S. Korea Vows Closer Talks With US On FX Policy

(MENAFN- Kuwait News Agency (KUNA)) TOKYO, June 6 (KUNA) -- South Korea vowed Friday to enhance communications with the US to strengthen mutual understanding and trust regarding foreign exchange rate policies, Yonhap News Agency reported.
"We will continue to expand mutual understanding and trust regarding exchange rate policies through regular communication with the US Treasury Department," the Finance Ministry said in a press release. "Ongoing discussions between the Korean and US financial authorities on exchange rate issues will also be conducted thoroughly," the ministry added.
The pledge came after the US Treasury Department kept South Korea on its monitoring list for currency practices, according to the report. Seoul was reinstated on the list in November 2024 after being removed in November 2023 for the first time since April 2016.
Currency policy has been one of the key topics in bilateral negotiations related to US 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, when the 90-day suspension of Washington's tariff implementation is set to expire.
Last month, South Korea's Deputy Finance Minister Choi Ji-young met with US 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. (end)
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