South Korea vows swift market stabilisation measures if needed
2023.03.22 19:57
© Reuters. FILE PHOTO: South Korea Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho attends the G20 Finance Ministers Meeting in Nusa Dua, on Indonesia resort island of Bali, on July 15, 2022. Sonny Tumbelaka/Pool via REUTERS
SEOUL (Reuters) – South Korea’s finance minister said on Thursday the economic and financial policy authorities would keep closely monitoring the markets situation and take stabilisation measures if needed.
Minister Choo Kyung-ho made the remarks at a meeting of top policy makers to review global market conditions after the U.S. interest rate decision. The heads of the central bank and financial regulatory agencies also attended the meeting.
“The government and the Bank of Korea will implement market stabilisation measures, if needed, while checking the soundness of the financial system and financial companies in an ongoing basis,” Choo said.
He said financial companies need to build more provisioning and capital buffers against future troubles, while adding the recent stability in domestic markets reflected still strong fundamentals of the local financial system.
