After South Korea’s president and his replacement were both deposed over a failed bid to impose martial law, deepening political turmoil is threatening the country’s currency and shaking confidence in its economy.
The won, which plunged on Friday to its lowest level against the US dollar since 2009, has been in near-constant decline since President Yoon Suk-yeol’s attempt to scrap civilian rule in early December.
Business and consumer confidence in Asia’s fourth-largest economy have also taken their biggest hit since the start of the Covid-19 pandemic, according to figures released by the Bank of Korea.
Lawmakers impeached Yoon in mid-December on charges of insurrection, and on Friday they impeached his successor, acting president and prime minister Han Duck-soo, arguing that he refused demands to complete Yoon’s removal from office and bring him to justice.
That thrust Finance Minister Choi Sang-mok into the additional roles of acting president and prime minister.
Choi has pledged to do all he can to end “this period of turmoil” and resolve the political crisis gripping the country.