The won’s value continues to weaken, with the phrase “post-financial crisis low” reappearing. Based on the BIS (Bank for International Settlements) nominal effective exchange rate (NEER), the won’s broad index has fallen to the 86 level.
Key Indicator: BIS Nominal Effective Exchange Rate (NEER) 86s
According to data on the BIS Broad Nominal Effective Exchange Rate for Korea provided by FRED (St. Louis Fed), Korea’s index was recorded at 86 in November 2025. The BIS Data Portal also provides a time series for Korea’s Nominal Effective Exchange Rate (Broad Basket).
What is the context of ‘lowest since the financial crisis’?
The effective exchange rate is not simply the won-dollar exchange rate, but a composite indicator reflecting the relative value of the won against the currencies of multiple trading partners. Furthermore, analyses both domestically and internationally have consistently pointed out that the won’s real effective exchange rate (REER) has approached levels seen around the 2009 financial crisis.
Why has it weakened: Strong dollar, supply-demand dynamics, and economic resilience
The won’s weakness tends to be more pronounced in a global strong dollar environment, and volatility can increase when coupled with shifts in foreign capital flows. Indeed, some market commentators point out that structural factors like capital outflows and dollar supply-demand imbalances could amplify downward pressure on the won.
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