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The Korea Herald
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THE INVESTOR
March 29, 2024

Finance

FSS chief vows to support smaller exporters

  • PUBLISHED :January 05, 2017 - 18:14
  • UPDATED :January 05, 2017 - 18:14
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[THE INVESTOR] The chief of South Korea’s state financial watchdog vowed on Jan. 5 to support smaller exporters who are susceptible to uncertainty over foreign exchange rates.

Zhin Woong-seob, governor of the Financial Supervisory Service, passed along the message during a visit to an aluminum product exporting company based in Incheon, just west of Seoul. He pointed out potential trouble stemming from increased volatility in the foreign exchange market.

Concern is growing over external uncertainties including the new US administration’s policy direction and the pace of interest rate hikes. In fact, 53.7 percent of local small and medium-sized exporters here cited the foreign exchange issue as a key risk factor, according to a survey by the Korea Federation of SMEs.

Only 10.3 percent of local SMEs had insurance policies to cover potential currency rate-related damage as of May 2015.

(theinvestor@heraldcorp.com)

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