Yoon Seok-heon "Must Prepare for Worst-Case Scenario"... Financial Supervisory Service Operates Daily Inspection System

Yoon Seok-heon, Governor of the Financial Supervisory Service

[Asia Economy Reporter Kim Hyo-jin] Yoon Seok-heon, Governor of the Financial Supervisory Service, held an executive meeting on the 17th and stated, "The impact of the novel coronavirus infection (COVID-19) on the real economy may last longer than expected," urging, "We must prepare measures in advance to cope with the worst-case scenario."

Governor Yoon noted, "Since the World Health Organization (WHO) declared a global pandemic on the 12th, the U.S. stock market has plummeted 32% from its peak, and international oil prices have sharply declined, significantly worsening market conditions," adding, "Despite the U.S. declaring a national emergency and lowering the benchmark interest rate, market instability has not eased."

He added, "Currently, the global economy is rapidly deteriorating, and the impact on the real economy is likely to be prolonged and intensified beyond expectations," emphasizing, "It is necessary to prepare proactive measures to ensure the financial sector serves as a pillar of support in anticipation of the worst-case scenario."

Accordingly, the Financial Supervisory Service plans to operate a daily monitoring system chaired by the Governor or the Senior Deputy Governor until market instability subsides.

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