South Korea Acts to Stabilize Forex Market as Won Weakens

The Bank of Korea and the government took more measures to ease pressure on the won after an unscheduled board meeting, intensifying support for Asia’s worst-performing currency.

The authorities will waive the foreign-exchange stability levy for banks and pay interest on excess forex deposits held by financial institutions for the next six months, according to Yoon Kyoungsoo, director general at the central bank’s international department.