Jin Pledges to Stabilize Foreign Exchange Market
Depute Prime Minister Jin Nyum said yesterday the government would focus on stabilizing the foreign exchange rate by taking measures meant to curb possible foreign currency speculation.
``The Ministry of Finance and Economy (MOFE) will continue to concentrate on preventing the drastic fluctuation of foreign exchange rates by removing factors which have fanned the sense of instability in the currency market,'' Jin said in a lecture at the National Defense University in Seoul.
Jin, concurrently minister of finance and economy, said stabilizing the financial market has become the most pressing task.
With the goal of expanding the demand basis for a bearish stock market, he said the government would press ahead with plans to have pension funds invest in the market and offer tax incentives for those who hold securities for a considerably long period.
Jin vowed he would prod credit card companies to lower the interest rates for overdue payments while rescuing blacklisted individuals who failed to pay the money that they owed. …