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S. Korea vows 'preemptive, appropriate' steps against financial market instability

Corporate Newsroom 11:12 October 04, 2022

SEOUL, Oct. 4 (Yonhap) -- Finance Minister Choo Kyung-ho said Tuesday the government will implement appropriate responses preemptively by reviewing all options available in accordance with possible scenarios of financial and foreign exchange market instabilities.

Choo made the remarks during a parliamentary audit into his ministry, voicing concerns that the current unstable market situation is feared to continue for quite a long time.

South Korea's stocks have tumbled, and its currency has suffered sharp weakness against the U.S. dollar recently amid concerns over a global economic recession amid aggressive rate hikes by the United States and other major economies.

"High inflation caused by external factors has caused difficulties for ordinary people and vulnerable groups, and led to greater volatility in the financial and foreign exchange market. Concerns over an economic slowdown has risen amid weakening momentum for exports and investment," Choo said.

"The government will take all steps at an appropriate time and in a preemptive manner by closely reviewing the market situation and all possible scenarios," he added.

He also vowed efforts to boost financial soundness to improve the sovereign credit rating.

Electronic signboards at a Hana Bank dealing room in Seoul on Oct. 4, 2022, show the trading of South Korean shares and the Korean won. (Yonhap)

Electronic signboards at a Hana Bank dealing room in Seoul on Oct. 4, 2022, show the trading of South Korean shares and the Korean won. (Yonhap)

graceoh@yna.co.kr
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