Choo Kyung-ho Holds Breakfast Meeting with Former Financial Commissioners Shin Je-yoon and Choi Jong-gu of the '2008 Exchange Rate Defense Team'

[Asia Economy Sejong=Reporter Son Seon-hee] On the 27th, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho met with former Financial Services Commissioners Shin Je-yoon and Choi Jong-gu to exchange views on the recent increased volatility in the financial and foreign exchange markets. Both individuals were key figures who actively intervened in the market to defend against the surge in exchange rates to record highs in 2008.

According to the Ministry of Economy and Finance, Deputy Prime Minister Choo, former Commissioner Shin, and former Commissioner Choi held a breakfast meeting on the morning of the same day at the InterContinental Seoul COEX Hotel in Gangnam-gu, Seoul, where they discussed past policy experiences and response measures.

Former Commissioners Shin and Choi worked closely together during the 2008 global financial crisis, with Shin serving as the International Affairs Manager and Choi as the Director of the International Finance Bureau at the then Ministry of Finance (now the Ministry of Economy and Finance).

The peak exchange rate during the 2008 financial crisis was 1,597 won. As foreign capital rapidly withdrew and domestic financial institutions were unable to repay foreign currency debts, the government stepped in to announce foreign currency payment guarantees and market liquidity supply measures. In particular, former Commissioner Choi took proactive market stabilization actions, such as concentrating dollar sell orders during the typically quiet lunchtime trading hours. This is still referred to in the foreign exchange market as the "Dosirak Bomb." Additionally, at that time, the government persuaded the U.S. administration to conclude the Korea-U.S. currency swap agreement in October 2008.

With the recent exchange rate soaring well beyond 1,400 won and some forecasts even suggesting it could threaten the 1,500 won level, Deputy Prime Minister Choo likely sought related advice from the two. However, the Ministry of Economy and Finance did not disclose specific details of the conversation.

This content was produced with the assistance of AI translation services.