President Lee Myung-bak cautioned Wednesday that some institutional investors and firms are disturbing the local currency market by hoarding dollars to seek short-term gains amid the Korean currency's steep fall against the U.S. dollar.
It is quite unusual for the head of state to ``scold'' currency speculators.
``Some people are engaged in speculative currency transactions in the belief that they will make a lot of money if they take advantage of the won's fall here,'' Lee said. ``Those who are hoarding dollars should change their thinking. We should unite together to help the country overcome difficulties.''
Lee made the comments at a luncheon meeting with senior members of the Korea Veterans Association at Cheong Wa Dae.
The presidential office said it has mapped out contingency plans to restore confidence in the market and minimize the fallout of the financial meltdowns in the United States and Europe, but investor sentiment here has shown no signs of improving.
``South Korea is forecast to see a surplus in its current account in October, and growth will continue in November and December,'' Lee said. ``We have enough dollars to handle liquidity problems and are strengthening cooperation with China and Japan to cope with the instability of global financial markets.''
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