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| ▲ Jung Chung-rae (L), leader of the ruling Democratic Party, and other members of the party's supreme council hold a meeting at the National Assembly in Seoul on March 9, 2026. (Yonhap) |
ruling party-FX market
Ruling party vows to pass tax bill this month to help stabilize foreign exchange market
By Yi Wonju
SEOUL, March 9 (Yonhap) -- The ruling Democratic Party (DP) said Monday it plans to pass a revised bill on tax schemes this month to help stabilize the foreign exchange market, as the Korean currency has plunged due to an intensifying conflict in the Middle East.
DP leader Jung Chung-rae said the ruling party, which holds a majority in the National Assembly, would pass the bill, allowing investors to gain tax benefits when they sell foreign stocks, by March 19.
The revision to the Act on Restriction on Special Cases Concerning Taxation is also designed to give tax benefits to retail investors when they buy financial products to hedge against foreign exchange losses.
With the U.S.-Israeli attacks on Iran entering their second week, global oil prices surged, with many analysts anticipating that it could deal a severe blow to South Korea's export-dependent economy.
Jung pledged strong measures to stabilize domestic gas prices and the currency market.
"The practice of price collusion and manipulation to increase oil prices for profit as soon as a war breaks out is unacceptable," he said.
The DP and the government will take stern measures to prevent unfair practices in the oil refining and other industries, he said.
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