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FSC official calls for beefed-up financial market monitoring amid rising uncertainty

Economy 09:27 May 18, 2022

SEOUL, May 18 (Yonhap) -- South Korea needs to keep close tabs on financial market situations with a "sense of crisis" that many potential risks facing the country could turn into reality at any time, a top financial regulator said Wednesday.

Kim So-young, vice chairperson of the Financial Services Commission (FSC), made the remark as he presided over his first market-monitoring meeting with officials from relevant organizations, including the Financial Supervisory Service and the Korea Deposit Insurance Corp., a day after taking office.

"With financial situations going through steep changes, we need to carry out our tasks with a special sense of crisis that potential risks underlying in our financial markets and systems could become real at any time," Kim said.

"We will intensify our financial market monitoring so as to react timely, while closely monitoring potential risks for financial firms and also such risks related to households and businesses," he added.

The meeting came as South Korea's financial markets have seen increased volatility recently amid worries over the impact that high inflation and monetary tightening by advanced nations could have on economic growth.

Adding to the woes are the protracted supply chain disruptions due to the ongoing war in Ukraine and COVID-19 lockdowns in major cities in China.

Kim So-young, vice chairperson of the Financial Services Commission, speaks during a meeting at the government complex in Seoul on May 18, 2022, to discuss ways to prevent the occurrence of financial risks. (Yonhap)

kokobj@yna.co.kr
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