Lee Bok-hyun "24-Hour Emergency Response System Activated Until Financial Market Normalization"

by Jun Youngjoo

Published 04 Dec.2024 11:51(KST)

On the 4th, the Financial Supervisory Service (FSS) held an expanded financial situation review meeting chaired by Governor Lee Bok-hyun, attended by all executives, urging thorough crisis response readiness.

Governor Lee emphasized, "Although the market is gradually stabilizing, all departments must maintain heightened vigilance as market volatility may increase due to future political uncertainties."

The FSS assessed that although the exchange rate temporarily surged and Korean bond exchange-traded funds (ETFs) sharply dropped immediately after the declaration of martial law the previous night, the volatility in the domestic stock market on this day after the lifting of martial law was not at a concerning level.

On the 4th, Lee Bok-hyun, Governor of the Financial Supervisory Service, attended a closed-door meeting to review the economic and financial situation at the Bankers Hall in Myeongdong, Seoul. Photo by Jo Yong-jun

Accordingly, the FSS decided to operate a 24-hour emergency response system and hold daily financial situation review meetings until the market fully normalizes. If any abnormal signs are detected, they plan to coordinate with relevant agencies to implement all necessary stabilization measures.

Additionally, they will actively communicate the country's sound external stability through meetings with foreign bank branches and overseas investors. They will monitor foreign currency procurement conditions in the financial sector in real time and closely check trends in foreign currency liquidity changes by financial institutions.

Regarding false information and rumor spreading acts that exploit investors' anxiety, the FSS plans to strictly respond in close cooperation with the Securities and Futures Commission, Korea Exchange, and prosecution. Furthermore, they will operate a corporate finance consultation center and actively support through rapid assistance programs such as loan maturity extensions and repayment deferrals when necessary.