The headline can be rewritten as: "Bank of Korea Chief: Won Volatility is 'Excessive,' and We Will Intervene if Necessary."

• The Korean won's weakness is being driven by external factors, such as the recent appreciation of the U.S. dollar, according to Governor Rhee Chang-yong.
• He stated to CNBC's Karen Tso at the IMF Spring meetings in Washington on Tuesday that he believes the recent movement is somewhat excessive based on market fundamentals.
• Rhee stated that the central bank is prepared to implement stabilizing measures if market volatility persists and possesses the necessary resources to do so.

The central bank's chief stated that the Bank of Korea may intervene to manage currency fluctuations if necessary, describing the recent market movements as "excessive," according to CNBC.

Central bank governor Rhee Chang-yong said external factors are fueling the 's movement.

He stated to CNBC's Karen Tso at the IMF Spring meetings in Washington on Tuesday that he believes the recent movement is somewhat excessive based on market fundamentals.

Rhee stated that the won's weakness is due to the strength of the U.S. dollar and geopolitical tensions in the Middle East, as well as the weakness of other Asian currencies like the yen and won.

On Wednesday, the won strengthened to as high as 1,382.6 per dollar, up 1.26%, after hitting a 17-month low and breaching a major threshold of 1,400 per dollar on Tuesday.

Stabilizing measures

Rhee stated that the central bank is prepared to implement stabilizing measures if market volatility persists and possesses the necessary resources to do so.

He stated that while they won't heavily intervene in every movement, they can deploy FX intervention as a basic option. He also mentioned that the country has other domestic agencies and many tools they can utilize.

On the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Washington D.C., South Korea's Finance Minister Choi Sang-mok met with his Japanese counterpart Shunichi Suzuki.

The two ministers expressed concerns about the recent significant depreciation of the Japanese yen and the Korean won in the foreign exchange market and vowed to take appropriate actions against excessive movements, according to South Korea's Ministry of Economy and Finance.

Sticky inflation

On Friday, the Bank of Korea maintained its benchmark interest rate at 3.5%.

Rhee highlighted that inflation challenges remain.

Our issue, as he explained to CNBC, is that our headline inflation is higher than both the U.S. and Europe's, despite core inflation moderating as expected. However, headline inflation remains stubbornly high at the moment.

The central bank won't move on interest rates until it is confident that inflation will converge to the target level, as he stated.