Hong Nam-ki "Increased Volatility in Financial and Foreign Exchange Markets... Proactive Measures if Necessary"

Deputy Prime Minister Hong to Hold Expanded Executive Meeting on the 23rd

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] On the 23rd, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated that if necessary, he will take preemptive measures in response to recent volatility in the financial and foreign exchange markets.

On the same day, Hong held an expanded executive meeting at the Government Complex Sejong and said, "Volatility in the international financial and foreign exchange markets is increasing due to the global dollar strength, foreign stock capital inflows and outflows, and the rise of the Korean won exchange rate," adding, "Given the high uncertainty in external conditions such as the possibility of changes in U.S. monetary policy and the global resurgence of COVID-19, stabilizing the financial and foreign exchange markets is extremely urgent."

Hong emphasized, "We will closely monitor market trends 24 hours a day to ensure that such uncertainties do not negatively affect the real economy through financial market instability, and will respond preemptively and actively if necessary."

He continued, "Since both quarantine and economic situations are serious, I ask the Ministry of Economy and Finance staff to remain vigilant and avoid becoming complacent, passive in administration, or falling into mannerism," and urged, "Please make every effort in preparing next year's budget plan to be announced at the end of this month and in the import of 100 million eggs."

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