Vice Minister Ki Jae: "Timely Measures for Financial and Foreign Exchange Market Imbalances... Exploring Additional Plans to Alleviate Interest Rate Rise Burden"

Bang Gi-seon, First Vice Minister of Strategy and Finance, is presiding over the Macroeconomic and Financial Meeting at the Bankers' Hall in Jung-gu, Seoul, on the morning of the 13th. 2022.10.13 Photo by Yonhap News

[Asia Economy Sejong=Reporter Son Seon-hee] Bang Gi-seon, First Vice Minister of Strategy and Finance, stated on the 14th, "The overnight movements in the international financial markets show that there is great uncertainty regarding changes in indicators and subsequent policy adjustments," adding, "We are fully prepared to take timely measures if excessive concentration occurs in the financial and foreign exchange markets."

Vice Minister Bang held a macroeconomic and financial meeting in the form of a conference call at the Bankers' Hall in Jung-gu, Seoul, on the morning of the same day, saying, "The government and related agencies are closely monitoring domestic and international market conditions with a 24-hour inspection system under heightened vigilance." The meeting was attended by the Deputy Governor of the Bank of Korea, the Secretary-General of the Financial Services Commission, the Senior Deputy Governor of the Financial Supervisory Service, and representatives from the Korea Center for International Finance.

The U.S. consumer price inflation rate for September, announced the previous day (local time), was 8.2% year-on-year, exceeding the market expectation of 8.1%. As a result, the U.S. financial market showed high volatility at the opening but rebounded to close in the 2% range.

Vice Minister Bang urged officials, "We will faithfully implement the previously announced measures to alleviate the financial burden on economic agents vulnerable to rising interest rates, and actively consider additional measures if necessary."

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