Economic chiefs hold emergency meeting after martial law declaration tanks the won

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Economic chiefs hold emergency meeting after martial law declaration tanks the won

Published: 04 Dec. 2024, 00:08 Updated: 04 Dec. 2024, 14:24

SHIN HA-NEE
[email protected]

Audio report: written by reporters, read by AI

From left: Financial Supervisory Service Gov. Lee Bok-hyun, Bank of Korea Gov. Rhee Chang-yong, Minister of Economy and Finance Choi Sang-mok, and Financial Services Commission Chairman Kim Byoung-hwan attend an emergency meeting following President Yoon Suk Yeol’s declaration of emergency martial law in central Seoul on Tuesday. [BANK OF KOREA]

Korea's economic policy chiefs agreed to use "all means necessary," including an unlimited supply of liquidity, to address the ongoing market turmoil following President Yoon Suk Yeol’s declaration of emergency martial law, according to the Ministry of Economy and Finance.

The decision was made during the Emergency Meeting on Macroeconomic and Financial Issues, which began at 11:40 p.m. Tuesday in central Seoul.

Attendees of the meeting included Minister of Economy and Finance and Deputy Prime Minister Choi Sang-mok, Bank of Korea Gov. Rhee Chang-yong, Financial Services Commission Chairman Kim Byoung-hwan and Financial Supervisory Service Gov. Lee Bok-hyun.

The emergency meeting will be held on a daily basis starting Wednesday.

Following the president’s announcement, the local currency plummeted to its weakest against the greenback in two years, hitting 1,430 won per dollar. Bitcoin briefly plunged below the 100 million won mark in Korea.

The Eurex Mini Kospi 200 Futures Index, open between 6 p.m. and 5 a.m. in Korea, sharply dropped to 319.22 as of 11:58 p.m., down 2.07 percent from the previous session.

The Korea Exchange, the country's bourse operator, is currently determining whether to open the market on Wednesday.

Updated, Dec. 4: Updated the lead with the announcement from the financial authorities following the emergency meeting, added a photo

BY SHIN HA-NEE [[email protected]]