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.
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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.
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Choi has pledged to do all he can to end “this period of turmoil” and resolve the political crisis gripping the country.