SKorea vows 'stern' measures against won's steep fall

0 Comments | AFP, September, 2008

SEOUL (AFP) — South Korea's government will take "stern" measures to curb panicky currency market fluctuations which have sent the won plummeting against the dollar, a senior policymaker said Tuesday.

"The recent currency market fluctuations are in part due to such factors as supply and demand but one-sided movement caused by panic also contributed to excessive fluctuations," Vice Finance Minister Kim Dong-Soo told reporters.

"The government is seriously concerned about excessive volatility in the financial markets and will take stern measures against panic-linked one-sided currency movements," Kim said before an emergency policy meeting.

On Monday the won fell to a 46-month low against the dollar and the stock market fell 4.1 percent, fuelling fears of a...