Finance Ministry assures public about virus instability

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Finance Ministry assures public about virus instability

Korea will take measures to stabilize its financial markets in case of increased volatility amid growing concerns about the impact of the new coronavirus in China and other nations, a senior government official said Tuesday.

Vice Finance Minister Kim Yong-beom told a meeting of senior economic and financial officials that the virus is expected to have a negative impact on the Korean economy.

“If volatility rises in financial and currency markets, authorities will swiftly and firmly take stabilization measures,” Kim told the meeting.

“In case of a rise in volatility, the government will cope with its contingency plan,” Kim said.

Kim also warned against the hoarding of face masks, saying the government will punish those who engage in price-rigging as demand for face masks surges.

So far, Korea has 16 confirmed cases of the virus, believed to have originated in the Chinese central city of Wuhan. Starting Tuesday, Korea temporarily banned foreigners who have visited Hubei Province within 14 days.

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