South Korean Government to Accelerate Economic Policy Actions for Market Stabilization
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Seoul, Dec 16 (NationPress) The South Korean government is set to accelerate its execution of essential economic policy measures aimed at assisting the normalization of financial markets, which have mostly stabilized after the impeachment of President Yoon Suk Yeol over the weekend, according to the country's chief economic official.
During an emergency meeting on Monday with Bank of Korea Governor Rhee Chang-yong and other senior financial officials, Finance Minister Choi Sang-mok made these comments. This meeting has been convened daily to explore strategies to mitigate the economic effects of Yoon's brief declaration of martial law on December 3, as reported by Yonhap News Agency.
Officials noted that the domestic stock market has experienced considerable stabilization, a result of proactive government intervention and substantial purchasing by institutional investors. They also mentioned that volatility in the foreign exchange market, which had initially surged, has significantly decreased, according to the finance ministry.
"We will expedite key policies such as value enhancement strategies, inclusion in the World Government Bond Index (WGBI), and modernization of the capital and foreign exchange markets," Choi stated.
Additionally, he outlined initiatives to enhance South Korea's international standing, such as appointing ambassadors for international finance and investment cooperation, along with improving incentives to attract foreign investment.
President Yoon enacted an emergency martial law on December 3, which was overturned by the National Assembly a few hours later.
Yoon has been identified by investigative authorities as a suspect in an insurrection case, becoming the first sitting president to be prohibited from leaving the country.
The National Assembly approved an impeachment motion against Yoon on Saturday due to his brief imposition of martial law on December 3, suspending his responsibilities until the Constitutional Court determines whether to reinstate him or remove him from office.
