Chapter 141: Dotcom Bubble (9)
[Bank of Korea Implements Won Devaluation... Exchange Rate Adjusted from 800 to 850 KRW per Dollar]
[Foreign Currency Shortage Resurfaces, “Collapse-by-Dollar” Theory Returns... Predictions of ‘Currency Crisis’ Within Three Years. Government Announces Plan to Increase Dollar Reserves to $40 Billion]
—Rustle.
“Huh? Korean newspaper? What are you reading today?”
Seo Ji-yeon leaned forward and blinked her clear eyes as she asked.
I smiled faintly.
“Something interesting came up.”
I had intended for this, but perhaps the secondary financial companies were more sensitive due to their smaller scale. I thought they wouldn’t respond until around June this year, but they jumped sooner.
There had been some grumbling from these institutions about a dollar shortage, but it wasn’t urgent just yet.
South Korea was operating under a peg system—essentially, a fixed exchange rate. No matter what the market price of the dollar was, the Bank of Korea was obligated to exchange $1 for exactly 850 won.
Still...
“They’ve gotten competent after all.”