Jeong Eun-bo, Financial Supervisory Service Chief, "Ukraine Issue, Implementing Stability Measures According to Emergency Response Plan"

On the 25th, Jeong Eun-bo, Governor of the Financial Supervisory Service, held an emergency financial market situation review meeting to assess domestic and international risks and instructed responses. Photo by Financial Supervisory Service

[Asia Economy Reporter Song Seung-seop] As Russia's invasion of Ukraine shakes the global economy and financial markets, domestic financial authorities have begun reviewing internal and external risks and seeking response measures.

According to the Financial Supervisory Service (FSS) on the 25th, Jeong Eun-bo, the head of the FSS, held an "Emergency Financial Market Situation Review Meeting" that morning. Jeong emphasized, "We must steadily implement financial market stabilization measures according to the already prepared emergency response plan," and added, "Stabilization measures should be implemented first for vulnerable sectors identified during the crisis." He also stated, "A focused inspection of the short-term financial market and foreign currency funding market is necessary."

He further instructed, "Check and support the cash flow of companies with significant trade relations with Ukraine-related countries or those importing oil, natural gas, grains, etc.," and said, "Immediately activate the 'Emergency Financial Difficulty Counseling Center' to prevent practical difficulties such as suspension or delays in remittances for local residents and international students, and review financial support measures."

Meanwhile, Jeong urged, "We must closely monitor the situation's progress and implement comprehensive market stabilization measures through active cooperation with related ministries."

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