Go Seung-beom "Emergency Financial Support Activated for Companies Related to Ukraine Situation"

[Asia Economy Reporter Ji Yeon-jin] Ko Seung-beom, Chairman of the Financial Services Commission, stated on the 24th regarding Russia's invasion of Ukraine, "If necessary, we will activate an emergency financial support program to actively provide the funds needed to resolve the financial difficulties of related companies."

Chairman Ko said at the joint financial market inspection meeting held at the Government Seoul Office Building that morning, "We will closely examine the scope of damage and financial conditions of export and import companies to ensure that our companies do not face difficulties due to the Ukraine situation." The emergency financial support program can provide up to 2 trillion won.

He said, "As the Ukraine situation rapidly changes moment by moment, domestic and international stock markets are reacting sensitively to the news, and the exchange rate has risen, exceeding 1,200 won per dollar, showing increased uncertainty in the financial markets, Amid the urgent developments, there is a possibility that the Ukraine situation will prolong, and on top of that, global tightening measures are overlapping, increasing external risks, so we must promptly detect and respond swiftly to the ripple effects on domestic and international financial markets."

On the same day, the Financial Supervisory Service mentioned that although the exposure ratio of domestic financial companies to Russia is small, banks and others need to prepare their own response plans and manage foreign currency liquidity in anticipation of strengthened sanctions and the possibility of crisis expansion. The proportion of Russia in the total external exposure of financial institutions is only 0.4% (1.47 billion dollars).

The International Financial Center stated that if the Ukraine situation prolongs, there is a high possibility that raw material prices will surge and volatility in the global financial markets will continue, so it will strengthen monitoring of the international financial markets.

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