• Short Summary

    ON JUNE 9 THE SOUTH KOREAN MILITARY GOVERNMENT LAUNCHED A DRASTIC AND UNEXPECTED CURRENCY REFORM, ORDERING ALL SEOUL CITIZENS TO SURRENDER THEIR "HWAN" HOLDINGS TO THE BANKS BY JUNE 10, AND PEOPLE IN OTHER PARTS OF THE COUNTRY BY JUNE 11.

  • Description

    ON JUNE 9 THE SOUTH KOREAN MILITARY GOVERNMENT LAUNCHED A DRASTIC AND UNEXPECTED CURRENCY REFORM, ORDERING ALL SEOUL CITIZENS TO SURRENDER THEIR "HWAN" HOLDINGS TO THE BANKS BY JUNE 10, AND PEOPLE IN OTHER PARTS OF THE COUNTRY BY JUNE 11.

    SEOUL SHOPS AND MARKETS, USUALLY OPEN ON SUNDAYS, REMAINED CLOSED ON JUNE 10, AS THOUSANDS QUEUED FOR HOURS TO HAND IN THEIR CASH FOR EXCHANGE AT 10 "HWAN".FOR ONE NEW "WON". EACH PERSON WAS ALLOWED TO DRAW ONLY A LIMITED AMOUNT OF THE NEW CURRENCY. THE "WON" HAS BEEN FIXED AT 130 TO ONE US DOLLAR. BEFORE THE CONVERSION 1,300 "HWAN" WERE SELLING FOR A DOLLAR. THE CURRENCY REFORM IS THE FIRST SINCE THE THEN PRESIDENT SYNGMAN RHEE CHANGED THE ORIGINAL "WON" CURRENCY INTO "HWAN" AT 100 TO A DOLLAR NINE YEARS AGO.

    THE RULING JUNTA MADE THE DECISION UNANIMOUSLY AT A SECRET SESSION WITH ALL 14 CABINET MEMBERS PARTICIPATING. THE CHAIRMAN, GENERAP GENERAL PAK, SAID AFTERWARDS THE CONVERSION WAS NECESSARY TO FORCE HOARDED OR IDLE CAPITAL INTO INDUSTRIAL INVESTMENT UNDER THE NEW FIVE-YEAR PLAN DATING FROM JANUARY THIS YEAR, AND TO PREVENT INFLATION.

    DESPITE REFORMS SINCE THE MILITARY TAKEOVER A YEAR AGO, BANK DEPOSITS HAVE BEEN SMALLER THAN EXPECTED AND THERE HAS BEEN A GROWING DANGER TO THE ECONOMY FROM INFLATION AND SPECULATION.

    ALL BANK ACCOUNTS HAVE NOW BEEN FROZEN FOR THE TIME BEING, EXCEPT FOR LIMITED SUMS AUTHORISED FOR LIVING AND BUSINESS EXPENSES.

    EXCEPTIONS WILL BE MADE FOR DIPLOMATS, THE UNITED NATIONS, THE MILITARY AND TRAVELLERS.

  • Tags

  • Data

    Film ID:
    VLVA786QDPFGXZ9QRRN5XL0KHKHY3
    Media URN:
    VLVA786QDPFGXZ9QRRN5XL0KHKHY3
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    13/06/1962
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:01:35:00
    Time in/Out:
    /
    Canister:
    N/A

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