Financial Services Commission: "Korean Financial Market Generally Stable Despite COVID-19"

[Asia Economy Reporter Kim Hyo-jin] Sohn Byung-doo, Vice Chairman of the Financial Services Commission, stated during the Financial Stability Board (FSB) Steering Committee conference call held on the afternoon of the 5th that "the Korean financial market is generally stable."

The FSB is a committee involving the Group of Twenty (G20) major countries, and the FSB Steering Committee is a high-level meeting where key decisions are made. This meeting was an extraordinary session held to assess the impact of the novel coronavirus disease (COVID-19) on financial markets and to share the policy responses of each country.

Vice Chairman Sohn said at the meeting, "Although there was some volatility in the financial markets during the early spread of COVID-19, the initial volatility stabilized due to the swift efforts of governments, including Korea."

He also explained, "We are minimizing the potential impact of COVID-19 on the real economy through financial support measures for small business owners and small and medium-sized enterprises, as well as supplementary budget allocations," adding, "We are strengthening financial market surveillance and preparing business continuity plans (BCP) in anticipation of the potential impact of COVID-19."

At the meeting, the Financial Services Commission proposed utilizing the FSB Steering Committee as a hotline for policy coordination in the financial sector. The FSB assessed that financial markets have been functioning smoothly so far but emphasized the need to establish BCPs in preparation for the spread of COVID-19.

This content was produced with the assistance of AI translation services.