On Friday, South Korea‘s finance ministry announced plans for swift and firm measures in response to significant fluctuations in the foreign exchange market.
The ministry is prepared to deploy a market stabilization fund totaling 94 trillion won ($68 billion) if necessary to ensure financial stability, according to a statement that included remarks from Finance Minister Choi Sang-mok.
“The minister highlighted that the foreign exchange market would see immediate and forceful action against any fluctuations that significantly stray from economic fundamentals,” the statement detailed.
This announcement was made following reports that Israel had launched an attack on Iran, causing turbulence in financial markets.
The Korean won fell as much as 1.4% against the dollar, and the KOSPI stock index (.KS11) dropped by up to 3.1% on the same day.
From Washington, where he is currently located, Choi convened an emergency phone meeting with top ministry officials to evaluate the domestic effects of the military conflict in the Middle East.
Also Read, Tesla Shares Hit Yearly Low as Focus Shifts to Autonomous Vehicles Amid Financial Strains
JPMorgan Predicts Bitcoin Price Decline Post-Halving
Bookmark and Follow us for More Business News
