S. Korea devalues money to increase its exports

South Korea has devalued its currency by nearly 20 percent in an attempt to boost commodity exports and cut its balance-of-payments deficit by at least $600 million. The new rate pegged the Korean won at 580 to the US dollar, a drop of 19.83 percent from the previous rate of 484 to the dollar. Lee Hahn Been, Deputy Premier and Economic Planning Minister, said the action was necessary because South Korea would face zero or even negative annual growth in 1980 after years of record-breaking prosperity.