Choi Sang-mok "Normal Operation of Financial and Foreign Exchange Markets... All Measures Taken if Necessary"

Emergency Economic and Financial Stability Meeting Held

President Yoon Seok-yeol announced last night that the emergency countermeasures were lifted, and the financial authorities decided to operate all financial and foreign exchange markets normally, including the stock market. They stated that they would take all measures to stabilize the market, including unlimited liquidity supply if necessary.

Choi Sang-mok, the Minister of Economy and Finance, held an emergency economic and financial stability meeting (F4 meeting) at 7 a.m. on the 4th at the Bank of Korea headquarters with Lee Chang-yong, Governor of the Bank of Korea, Kim Byung-hwan, Chairman of the Financial Services Commission, and Lee Bok-hyun, Governor of the Financial Supervisory Service.

The foreign exchange market, which had shown instability due to the emergency countermeasures last night, and the overseas Korean stock market are gradually stabilizing. Therefore, it was decided to operate all financial and foreign exchange markets, including the stock market, normally.

The won-dollar exchange rate (NDF) rose sharply to the 1440 won level in the overnight market after the emergency countermeasures were announced, but closed at 1415.8 won, reducing the upward pressure. The domestic banks' foreign currency borrowing is also proceeding smoothly, according to the financial authorities.

However, due to this situation, there is a possibility of increased anxiety in the financial and foreign exchange markets, so the financial authorities decided to supply liquidity without limit until the stock, bond, short-term money, and foreign currency markets are fully normalized.

Along with this, they emphasized the plan to swiftly implement all measures necessary for market stability, including operating a real-time monitoring system in cooperation with related ministries.

Reporter Jeong-dong Noh, Hankyung.com dong2@hankyung.com