Finance chiefs of S. Korea, U.S. share view Korean won's excessive volatility is not desirable | Yonhap News Agency

Finance Minister Koo Yun-cheol and U.S. Treasury Secretary Scott Bessent shared such a view during their meeting Friday in Washington, according to the ministry. Koo was in the U.S. to attend meetings of the Group of 20 finance ministers and central bank governors.

The two finance chiefs concurred that the won's excessive volatility is not desirable and agreed to continue to consult on recent trends in the foreign exchange market, according to the ministry.

The Korean won has undergone heightened volatility in recent sessions as the U.S.-Israeli war with Iran has pushed up global oil prices, fueling concerns about inflation and a potential economic slowdown.

Bessent, meanwhile, welcomed South Korea's efforts to implement a bilateral trade deal, including the National Assembly's passage in March of a special bill on Seoul's pledge to invest US$350 billion in the U.S.

The finance chiefs also discussed ways to stabilize supply chains of key minerals and the impact of the Middle East crisis on the South Korean economy, according to the ministry.

Finance Minister Koo Yun-cheol (R) and U.S. Treasury Secretary Scott Bessent shake hands ahead of their meeting in Washington on April 17, 2026, in this photo, provided by Seoul's finance ministry on April 18. (PHOTO NOT FOR SALE) (Yonhap)

Separately, Koo met with International Monetary Fund Managing Director Kristalina Georgieva in Washington on Friday and explained South Korea's efforts to swiftly cope with the economic impact from the Iran war amid a stance to maintain fiscal soundness.

Georgieva was quoted as saying by the ministry that South Korea has adequate fiscal room and Seoul's efforts toward medium-term fiscal soundness will help stable fiscal management.

sooyeon@yna.co.kr

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