FSC: "100 Trillion Won Plus Alpha Market Stabilization Program Ready if Needed" [US-Iran War]

Emergency Meeting Convened Amid Rising Middle East Tensions
24-Hour Operation of Emergency Response Financial Market Task Force
Enhanced Support for SMEs in Preparation for Possible Strait of Hormuz Closure

As Middle Eastern geopolitical tensions rise following the death of Iran's Supreme Leader, Ayatollah Seyyed Ali Khamenei, in an attack by the United States and Israel, the financial authorities have announced that a 100 trillion won market stabilization program can be implemented immediately if needed.

On March 1, Lee Eokwon, Chairman of the Financial Services Commission, held an emergency financial market situation review meeting at the Government Complex Seoul to assess the impact of the U.S. and Israeli airstrikes against Iran on both domestic and global economic and financial markets, and to discuss response measures.

Lee Eokwon, Chairman of the Financial Services Commission. Financial Services Commission Yonhap News

Chairman Lee stated, "The future development of the situation in the Middle East is uncertain," adding, "If the crisis is prolonged, it could affect the domestic financial markets and the real economy, so we must remain highly vigilant and thoroughly monitor the domestic economic and financial landscape."

The Financial Services Commission announced that it would immediately operate an 'Emergency Financial Market Response Team,' led by the Secretary General of the Commission, with participation from related agencies such as the Ministry of Economy and Finance, the Bank of Korea, the Financial Supervisory Service, and the International Finance Center. The team will monitor financial market conditions around the clock.

In particular, with the domestic financial markets closed on March 2, the following day, Chairman Lee ordered a thorough review of trends in the global markets, including those in Asia, Europe, and the United States. The Financial Services Commission plans to hold market situation review meetings in a timely manner together with the Financial Supervisory Service and other relevant financial institutions.

Additionally, Chairman Lee instructed that, if necessary, already-prepared financial market stabilization measures—such as a market stabilization program worth "100 trillion won plus alpha"—should be implemented swiftly. He also called for thorough support for the real economy to minimize damage to small and medium-sized enterprises vulnerable to the impact of the Middle East crisis, such as the potential blockade of the Strait of Hormuz.

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