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Government to take 'decisive' action if market trends turn excessive

Published: 27 Dec. 2024, 11:00

Finance Minister Choi Sang-mok speaks during an emergency meeting with Bank of Korea Gov. Rhee Chang-yong and other top financial officials in Seoul on Dec. 27. [MINISTRY OF FINANCE]

The government will take "decisive" market stabilization measures if there are excessive one-sided trends in the market, Finance Minister Choi Sang-mok said Friday, as the local currency has weakened to a 15-year low.

Choi made the remarks during an emergency meeting with Bank of Korea (BOK) Gov. Rhee Chang-yong and other top financial officials amid heightened uncertainty stemming from the opposition-controlled National Assembly's plan to vote on an impeachment motion against acting President Han Duck-soo later in the day.

"The government will respond firmly with market stabilization measures if there are signs of excessive, one-sided market movements," Choi said.

The Korean won was quoted at 1,462.9 per U.S. dollar, the lowest level since the 2009 global financial crisis.

The government acknowledged the rising uncertainty in financial and foreign exchange markets, exacerbated by Han's potential impeachment, vowing to swiftly deploy unlimited liquidity into the markets as previously stated.

If Han is impeached, Choi, who doubles as deputy prime minister for economic affairs, is next in line.

Yonhap