Government Holds Emergency Macroeconomic and Financial Meeting: "Will Implement Additional Measures Following Short Selling Strengthening"

Emergency Macroeconomic and Financial Meeting Held
"Fiscal, Monetary, and Financial Policy Authorities Must Cooperate Closely"

[Asia Economy Reporter Jang Sehee] The Ministry of Economy and Finance, the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service announced on the 13th that "following the strengthening of the designation system for short-selling overheated stocks in the stock market, additional measures will be promptly implemented according to the contingency plan."

According to the Ministry of Economy and Finance, on the same day, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, Bank of Korea Governor Lee Ju-yeol, Financial Services Commission Chairman Eun Sung-soo, and Financial Supervisory Service Governor Yoon Seok-heon held an emergency macroeconomic and financial meeting to discuss response directions amid the spread of the novel coronavirus infection (COVID-19). It is reported that they shared the recognition of the need for close cooperation among fiscal, monetary, and financial policy authorities at this meeting.

The authorities emphasized, "We will respond promptly to anxiety in the foreign exchange market and actively implement market stabilization measures, as well as thoroughly inspect and manage foreign currency liquidity."

They also added, "Depending on the development of the COVID-19 situation, there are concerns that uncertainty in domestic and international financial markets will continue for some time. We will operate a 24-hour monitoring system with the highest level of vigilance through joint efforts of related agencies to respond accordingly."

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