Choo Kyung-ho "SVB Bankruptcy Crisis May Increase Financial Market Volatility"

Regular Meeting on Macroeconomic and Financial Issues Held
24-Hour Market Monitoring... Rapid Response When Necessary

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho expressed concern on the 12th that "the liquidity crisis of the U.S. Silicon Valley Bank (SVB) spreading to bank closures could increase volatility and uncertainty in the financial markets."

On the same day, Deputy Prime Minister Choo held a 'Regular Meeting on Macroeconomic and Financial Issues' at the Bankers Hall in Jung-gu, Seoul, together with Financial Services Commission Chairman Kim Ju-hyun, Financial Supervisory Service Governor Lee Bok-hyun, Bank of Korea Deputy Governor Lee Seung-heon, and Chief Presidential Secretary for Economic Affairs Choi Sang-mok, focusing on reviewing the SVB incident.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is speaking at the regular meeting on macroeconomic and financial issues held on the 12th at the Bankers' Hall in Jung-gu, Seoul.

Deputy Prime Minister Choo said, "According to the results of today's meeting, the majority of experts believe that this incident will not spread as a systemic risk to the entire U.S. banking and financial sector yet," adding, "However, given the heightened market volatility due to global financial tightening, we cannot rule out the impact on domestic and international financial markets and the real economy."

He continued, "The government and related agencies will closely monitor the situation 24 hours a day and respond promptly if necessary," emphasizing, "We have decided to manage the situation thoroughly to prevent it from spreading as a side effect to our economy."

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