The won-dollar exchange rate has surged past the 1,410 won mark, causing the value of the won to plummet. Some in the financial markets are even raising the possibility that it could exceed the 1,500 won level. 

  With concerns ranging from the 25% high tariffs resulting from trade conflicts with the U.S., the Lee Jae-myung administration's reckless spending, a decline in export competitiveness, to mounting global economic uncertainty, voices are growing fearful that a second foreign exchange crisis may be looming. 

  However, it is strange. The rise in the exchange rate is surprisingly, even suspiciously, gradual. Could it be that the government is intervening in the market to manage the rate? If so, the method is obvious: they must be depleting existing foreign exchange reserves to buy up won and prop up its value. There is a simple way to verify this: one need only look at the status of foreign exchange reserves periodically published by the Bank of Korea to understand what has been happening. 

  Yet, the Bank of Korea remains eerily silent. Although it is supposed to announce the previous month's foreign exchange reserves at the beginning of every month, it has remained silent as of the 8th. While there have been months where they announced it on the 7th, those were exceptional cases. 

  Last year, in November 2024, they announced it on the 5th, and in December, on the 4th. This year, they announced the previous month's reserves on July 3rd, August 5th, and September 3rd, respectively. Therefore, it would be normal to release the September-end foreign exchange reserves between the 3rd and 7th of this month. The answer is predictable: they will likely offer the excuse that the long Chuseok holiday automatically extended the announcement date.  

  But are we not in a state of crisis? If one were to boil down the essence of national governance to two pillars, they would be security and the economy. 

  The Ministry of National Defense and our soldiers maintain vigilant guard along the armistice line even during holidays. The Bank of Korea is an institution that stands just as much on the front lines of the Republic of Korea's economy. Has the situation room closed because of the holiday? Is the officer on duty off enjoying a mojito in the Maldives? 

  The exchange rate is a key indicator of the national economy. If an institution cannot publish such an important indicator because of a holiday, that is a dereliction of duty. Holidays are for the Korean public, not for the international financial markets. How is this any different from soldiers abandoning their posts? 

  Even the judiciary, which stands one step removed from national security and economic management, does not operate this way. On Saturday the 4th, the court held a hearing for over an hour and 10 minutes starting at 3:00 PM regarding the legality of the arrest of Lee Jin-sook, Chairperson of the Korea Communications Commission, and granted the request. Why does the court work on a Saturday? Is it because the court is an institution inferior to the Bank of Korea? 

  President Lee Jae-myung emphasized at a meeting of senior secretaries on the 2nd, just before the Chuseok holiday, that "for public officials, there is honestly no such thing as a holiday," adding, "We are supposed to work 24 hours a day. A public official should be ready to jump out of bed at any moment." It seems the Bank of Korea does not take these words seriously. Well, what can you do. 

  On the 5th, the won-dollar exchange rate at the international airport hit 1,467 won. This is happening despite a decline in the dollar index—in other words, a weakening dollar. This is a time when the value of the won should be rising. Yet, the won alone is losing value. 

  U.S. President Trump has publicly stated that during his visit to Korea, he will secure the $350 billion investment previously promised by President Lee Jae-myung. President Lee has even promised to purchase $100 billion worth of Alaskan oil and gas. 

  If foreign exchange reserves of this magnitude are transferred to the U.S. in cash, South Korea will collapse on the spot. It will be the end. Moreover, there is no economic outlook that allows for any optimism about the future. Under such circumstances, exchange rate trends are a matter of the utmost concern for the people. 

  The task for the Bank of Korea is clear. It has a duty to release the previous month's foreign exchange reserve statistics as soon as possible to alert the public to the economic environment and allow them to prepare. 

  I am extremely pessimistic about the country's economy. As noted earlier, there is absolutely no economic outlook that allows for optimism, and my personal trust in the Lee Jae-myung administration is near zero, which only deepens my concern. 

  During the Chu-Han Contention between Liu Bang and Xiang Yu, Ying Bu was a general who made an absolute contribution to Liu Bang's Han dynasty. He later rebelled against Liu Bang. In historical texts, there is a scene where Liu Bang's subordinates offer three strategies for dealing with Ying Bu. 

  At that time, the advisors argued there was nothing to worry about regarding Ying Bu, stating: "Ying Bu was a follower of the masses at Mount Li and became a ruler of ten thousand chariots, but all of this was for his own sake; he did not do so with the future or the people in mind. Therefore, he will only use low-level strategies."

  It has been nearly five months since Lee Jae-myung became president. Yet, the policies he has put forward are all for his own sake. One would be hard-pressed to find anything done with the future, the people, or the long-term prosperity of the nation in mind. In other words, he is a politician of the lowest order. 

  This is the fundamental reason why I am deeply concerned about the future of this country and why I am paying such close attention to exchange rate trends as a key economic indicator to gauge the situation. Yet, the Bank of Korea remains in silence. It looks as if they have already entered a period of winter meditation in October. Or perhaps I am deeply worried that the foreign exchange reserves have been significantly depleted to defend the exchange rate, and Bank of Korea Governor Rhee Chang-yong is "intimidated" by an invisible hand trying to hide this. I sincerely hope that is not the case. 

Lee Shin-woo, Former Editorial Writer at Munhwa Ilbo and author of 'Election Fraud and Insurgents'