Key Takeaways:
South Korean won hits a two-year low against the U.S. dollar
Martial law declared by President Yoon Suk Yeol
Currency fell to 1,424.46 won per dollar, the lowest since November 2022
President Yoon cites opposition parties for the parliamentary crisis
State of emergency and martial law declared by South Korean President
Late-night address to the country by President Yoon Suk Yeol- Won drops 1.3% to 1,422 against the dollar
South Korean President Declares Martial Law in Response to Economic Crisis
In a surprising turn of events, South Korean President Yoon Suk Yeol has declared martial law in the country. This decision came after the South Korean won plummeted to a two-year low against the U.S. dollar, reaching a rate of 1,424.46 won per dollar.
President Yoon Suk Yeol cited the opposition parties for the parliamentary crisis that has led to the economic instability in the nation. In a late-night address to the country, President Yoon declared martial law to safeguard the constitutional order and address the ongoing economic challenges.
As a result of the currency’s significant drop against the U.S. dollar, the South Korean population is feeling the effects of the economic downturn. The won’s decrease of 1.3% to 1,422 against the dollar has raised concerns among citizens about their financial stability.
President Yoon’s decision to impose martial law in response to the crisis has sparked mixed reactions among the South Korean population. While some see it as a necessary step to restore order and address the economic challenges, others are concerned about the potential consequences of such a drastic measure.
The coming days will reveal the impact of President Yoon’s declaration of martial law on the country’s economy and political landscape. All eyes are now on South Korea as it navigates through this uncertain and turbulent period.