Bank of Korea "Discussing Temporary Monetary Policy Meeting... Market Stabilization Measures if Necessary" (Comprehensive)

"Market Stabilization Measures If Necessary... Closely Monitoring Bond Market Conditions"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The Bank of Korea stated regarding the possibility of holding an emergency Monetary Policy Committee meeting, "Currently, consultations are underway among the Monetary Policy Committee members," and added, "We will notify again once the final decision on whether to hold the meeting is made."

A Bank of Korea official said on the 13th, "Yesterday (the 12th), after the Monetary Policy Committee's main meeting concluded, the committee members held a consultation meeting and discussed the necessity of holding an emergency Monetary Policy Committee meeting as well as the Bank of Korea's policy direction."

On the same day, the Bank of Korea held a 'Monetary and Financial Countermeasures Meeting' chaired by Deputy Governor Yoon Myeon-sik in the morning, where they reviewed the background of the sharp decline in U.S. stock prices and assessed the domestic financial and foreign exchange markets, stating, "If necessary, we plan to take appropriate market stabilization measures through open market operations."

The Bank of Korea added, "We are closely monitoring the bond market situation, including the sharp rise in government bond yields in the early trading session," and stated, "Given the increased volatility in the domestic financial and foreign exchange markets due to the impact of the COVID-19 situation, we plan to actively utilize policy tools to stabilize the financial markets."

The meeting was attended by Deputy Governors Yoo Sang-dae and Park Jong-seok, the Director of the Monetary Policy Department, and the Director of the Financial Market Department.

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