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Finance minister reassures global markets after martial law fallout

Published: 05 Dec. 2024, 14:14

SHIN HA-NEE
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Finance Minister Choi Sang-mok speaks during the Emergency Meeting on Macroeconomic and Financial Issues in Jung District, central Seoul on Thursday. [MINISTRY OF ECONOMY AND FINANCE]

Finance Minister and Deputy Prime Minister Choi Sang-mok has provided assurances that the Korean government is operating as usual following President Yoon Suk Yeol’s emergency martial law declaration on Tuesday.

This assurance was delivered in an emergency letter sent to finance ministers, governors of international organizations and market participants, including financial institutions and investors.

According to the Ministry of Economy and Finance, the letter was issued late Wednesday to reassure the global market that Korean institutions are functioning normally. It emphasized that the brief volatility in financial and foreign exchange markets had been quickly stabilized, supported by the country’s robust economic system.

The minister also vowed to continue pursuing ongoing economic policy initiatives, mitigate any potential negative impacts on the economy and provide transparent updates on the country’s economic status.

Choi is among Yoon’s Cabinet members who submitted resignations on Wednesday to take responsibility for the martial law incident. However, these resignations have not yet been approved.

The Finance Ministry said that Choi would remain committed to his duty until his last moment in office.

Meanwhile, Korea’s top economic policymakers held an Emergency Meeting on Macroeconomic and Financial Issues on Thursday, assessing that the impact of the martial law declaration on financial and foreign exchange markets had been limited. They called for a calm response to the situation.

The meeting, which will convene daily until the unrest is resolved, included Choi, Bank of Korea Gov. Rhee Chang-yong, Financial Services Commission Chairman Kim Byoung-hwan and Financial Supervisory Service Gov. Lee Bok-hyun.

BY SHIN HA-NEE [[email protected]]