Won falls sharply as South Korean President declares martial law

The South Korean won fell to its lowest level in more than two years after President Yoon Suk-yeol declared martial law.

According to Reuters , the South Korean currency fell to 1,443.40 won per dollar, its lowest since October 2022, shortly after President Yoon Suk-yeol declared martial law.

At 10:30 p.m. on December 3 (local time), South Korean President Yoon Suk-yeol suddenly declared martial law in a live speech on national television.

South Korean President's declaration of martial law affects the price of the won. (Photo: Reuters)

Reuters Citing part of a statement by President Yoon Suk-yeol, he stressed that he had no choice but to resort to this measure to protect the free order and the constitution.

" Through this martial law, we will rebuild and protect Korea from threats to the nation's survival," Mr. Yoon Suk-yeol said in a televised message.

The move comes after the opposition Democratic Party, which holds a majority in the National Assembly , impeached several senior prosecutors this week. The opposition also rejected the government's budget proposal, a move that Yoon Suk-yeol described as undermining the government's essential functions.

In his speech, the South Korean president also criticized unprecedented impeachment efforts from the opposition and demands for budget cuts that have paralyzed the government .

Earlier, the Democratic Party, the main opposition party in South Korea, introduced a heavily austerity budget bill and proposed impeachment of a state auditor and the chief prosecutor. According to President Yoon Suk-yeol, the opposition party's actions are pushing the country into crisis.

Meanwhile, at an emergency meeting the same day, all 190 lawmakers present at the South Korean National Assembly session voted to pass a resolution requesting the lifting of martial law. The National Assembly Speaker's Office later announced that "the declaration of martial law was nullified after the resolution was passed."

According to the regulations, the President of South Korea is responsible for immediately notifying the National Assembly after declaring martial law. If the majority of the members of the National Assembly vote to lift martial law, the President must comply.

Source: https://baolangson.vn/dong-won-giam-manh-khi-tong-thong-han-quoc-ban-bo-thiet-quan-luat-5030627.html