South Korean Finance Minister Choi Sang-mok released a join statement with economy-related ministers on Sunday. The meeting was held in the aftermath of President Yoon Suk Yeol’s brief declaration of martial law Tuesday.
- “The government will mobilize all resources available in accordance with contingency plans and take bold and swift measures, if necessary”
- “We have experienced some confusing incidents in the past, but their impact on the economy was limited,” Choi said. “The government will put forth all-out efforts to maintain our sovereign rating under any circumstances.”
Government and Bank of Korea are taking measures to respond to market volatilities
- government vowed to inject “unlimited liquidity” for the time being
- Bank of Korea (BOK) has begun repo operations for financial institutions
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USD/KRW update – KRW to a 2-year low during the political turmoil:
This article was written by Eamonn Sheridan at www.forexlive.com. Source