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Acting President Choi Sang-mok vows bold action to stabilize financial markets

Published: 03 Jan. 2025, 09:49

Acting President Choi Sang-mok speaks during a meeting of the Central Disaster and Safety Countermeasures Headquarters at the government complex in Seoul on Jan.3, about measures to deal with the Jeju Air plane crash in Muan, South Jeolla, on Dec. 29. [YONHAP]

Acting President Choi Sang-mok said Friday that the government would take "bold" and "swift" measures to stabilize the financial and foreign exchange markets if volatility intensifies.

Choi, who also serves as deputy prime minister for economic affairs and finance minister, made the remarks during an economic meeting attended by the governor of the Bank of Korea and the heads of the Financial Services Commission and the Financial Supervisory Service.

"Each institution will take all necessary precautions to maintain a 24-hour emergency monitoring and response system for financial and foreign exchange markets, and if market volatility increases, decisive and swift market stabilization measures will be implemented," Choi was quoted by the ministry as saying.

Choi will also convene the financial meeting every week, according to the ministry.

Officials have reported increased volatility in the country's financial and foreign exchange markets after the National Assembly voted to impeach then acting President and Prime Minister Han Duck-soo last week. Han was suspended from his duties less than two weeks after assuming the interim leadership role on Dec. 14, following the impeachment of President Yoon Suk Yeol for declaring martial law.

Yonhap