South Korean won plummets amid martial law declaration
The South Korean won has experienced a significant decline, now being the lowest-valued major currency on the market, according to Bloomberg, after President Yoon Suk Yeol announced martial law. He accused the opposition of sympathizing with North Korea and hindering the government's efforts in Seoul.
Bloomberg reports that the South Korean won is losing significant ground in the foreign exchange market against major currencies like the U.S. dollar, euro, and Japanese yen. It is currently the lowest-valued major currency.
"I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces that are plundering the freedom and happiness of our people, and to protect the free constitutional order," stated Yoon in an impromptu speech broadcast live on YTN television.
He did not specify what concrete measures will be enforced under martial law.
The President pointed out that the opposition Democratic Party, which holds a majority in parliament, has been pushing for the impeachment of certain prosecutors and has rejected the government's budget proposal.
The Democratic Party has called an extraordinary meeting of its members.
