The finance ministry has taken steps to sell US$1.3 billion worth of foreign exchange stabilization bonds, according to the ministry Sunday.

The ministry selected five financial institutions, including the state-run Korea Development Bank, on Friday for the planned sale of U.S. dollar-denominated bonds with a maturity of five years.

It would be the first sale of U.S. dollar-denominated bonds since 2021.

Currency stabilization bonds are designed to raise the money needed by the government to keep foreign exchange rates stable.

Source: Yonhap News Agency