South Korea Prepared to Introduce Further Market Stabilization Actions if Necessary: Finance Minister
Click to start listening
Seoul, Dec 13 (NationPress) South Korea's Finance Minister Choi Sang-mok declared on Friday the readiness to implement further market stabilization measures should the market experience excessive volatility, according to the finance ministry. This comes as the government prepares for possible economic repercussions stemming from another impeachment vote targeting President Yoon Suk Yeol.
Choi's comments were made during an emergency meeting with Bank of Korea (BOK) Governor Rhee Chang-yong and other senior financial officials, which has been convened daily for over a week to explore strategies for mitigating the economic fallout from Yoon's brief declaration of martial law last Tuesday, as reported by Yonhap news agency.
The officials emphasized the importance of maintaining enhanced market monitoring and continuing the execution of market stabilization measures, including the injection of unlimited liquidity, even though the stock market has largely rebounded and other financial indicators have stabilized, according to the finance ministry.
"We will closely monitor the political situation this weekend and remain fully prepared. Should excessive volatility arise, we will implement supplementary market stabilization measures promptly," the ministry stated.
The government and pertinent financial institutions will persist in their comprehensive efforts to communicate the situation to partner countries and foreign investors, reassuring them that South Korea's economic fundamentals are robust and that the political issues can be considered separate from economic dynamics, the ministry noted.
Following the martial law controversy, the stock market initially plummeted but has since recovered much of its losses in recent trading sessions. The Korean won significantly weakened, remaining well below the 1,400 won threshold.
The opposition has filed a new impeachment motion against Yoon on Thursday, which is scheduled for a vote on Saturday, following their previous attempt to remove him from office last week that failed due to insufficient quorum.
Despite the increasing pressure to resign, Yoon has rejected the charges of insurrection and affirmed his commitment to "fight to the end," asserting that his martial law declaration was a governance measure intended in part to caution the liberal Democratic Party.
