The disclosure has prompted criticism over potential conflicts of interest, given his role in stabilizing the nation's currency.
According to official asset disclosure documents released on March 27, Choi purchased 30-year U.S. treasury bonds maturing in 2050 while overseeing government efforts to defend the won.
The revelation has fueled controversy, as the finance minister stood to personally benefit from the very currency depreciation his ministry was seeking to mitigate. Among the 18 high-ranking finance ministry officials, Choi was the only one to report holdings in U.S. Treasuries.
When questioned about the timing of his investments, Choi declined to specify purchase dates. Critics argue that any acquisitions made around the currency fluctuations triggered by the December 3 martial law declaration by President Yoon Suk Yeol would raise serious ethical concerns.
“How can the economic minister responsible for defending the won's value invest in U.S. Treasury bonds that yield higher returns as the won depreciates?” the opposition Democratic Party said in a statement.
The Korean won, which began 2024 at approximately 1,310 per dollar, weakened significantly over the course of the year, hitting 1,380 by mid-year before briefly stabilizing. The currency depreciated further in late October, surpassing 1,400 in November and nearing 1,480 by year-end. As of Tuesday at 9 a.m., it remained elevated at 1,473 per dollar.
In November, Choi assured lawmakers that South Korea had sufficient foreign exchange reserves to stabilize currency markets.
However, his asset disclosures indicate that he was simultaneously investing a substantial sum in financial instruments that would gain from further won depreciation.
During a July 8 National Assembly committee meeting, Choi emphasized the government's commitment to limiting exchange rate fluctuations.
“The government recognizes that excessive currency volatility is problematic. We are making efforts to minimize such volatility,” he said at the time.
Choi's representatives have defended his investments, asserting that they do not violate ethics laws for public officials.
Nonetheless, critics point to a pattern of purchasing U.S. Treasuries during periods of dollar strength throughout his tenure as finance minister, raising questions about potential conflicts of interest.
reporter
Kim Dong-young
davekim0807@ajupress.com
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