March 31 (Asia Today) — South Korea’s ruling and opposition parties agreed Tuesday to pass a package of economic measures, including a currency stabilization bill, as the won weakened sharply amid prolonged conflict in the Middle East.

The legislation was approved during a plenary session alongside more than 60 bills aimed at stabilizing the economy and supporting livelihoods.

The currency measure includes tax incentives designed to encourage domestic investment by individuals who have invested in overseas markets, often referred to in South Korea as retail investors in foreign stocks. Officials said the goal is to increase demand for the Korean won and reduce volatility in foreign exchange markets.

The won traded at 1,530.1 per U.S. dollar on Tuesday, well above the psychologically significant 1,500 level, adding to inflationary pressure.

Floor leader Han Byung-do said the worsening Middle East crisis had begun to affect everyday life, emphasizing the need to contain exchange rate volatility and shield the economy from external shocks.

Lawmakers also approved additional economic legislation tied to the crisis. These include a measure to support corporate restructuring, allowing companies to streamline mergers and spin-offs and receive tax benefits as they respond to industrial challenges and shift into new sectors.

Other bills passed include revisions to trade-related laws aimed at helping businesses adapt to changes in the global trade environment.

Separately, lawmakers voted to fill several vacant leadership posts in National Assembly committees. The Democratic Party nominated Rep. Seo Young-kyo as chair of the Legislation and Judiciary Committee, along with Rep. Kwon Chil-seung and Rep. So Byung-hoon for other committee leadership roles. Their terms will run through May.

The votes were conducted by secret ballot and passed with support from the Democratic Party, while the People Power Party is believed to have opposed the selections.

The People Power Party had argued that the judiciary committee chair should be held by the opposition to ensure checks and balances, noting that the Democratic Party already holds the position of National Assembly speaker.

— Reported by Asia Today; translated by UPI

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