July 08, 2022 - 12:53 PM 255 views
In order to relieve pressure on people's living expenses, the South Korean Finance Ministry announced measures totaling around 810 billion won ($624.84 million), including the lifting of taxes on some food imports and greater welfare support for low-income earners, according to Reuters.
These actions have been taken as a result of the nation's inflation rate reaching its highest level since the Asian Financial Crisis more than 20 years ago last month.
The Market Reaction
The USD/KRW exchange rate has reclaimed the 1,300 level and is currently trading 0.24 percent higher than it was earlier in the day.
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