Seoul, Dec 13 (IANS) South Korea’s Finance Minister Choi Sang-mok vowed on Friday to implement additional market stabilisation measures in case of excessive market volatility, the finance ministry said, as the government braces for possible economic impacts of another impeachment vote against President Yoon Suk Yeol.
Choi made the remarks during an emergency meeting with Bank of Korea (BOK) Gov. Rhee Chang-yong and other top financial officials, which has been held on a daily basis for over a week to discuss ways of minimising the economic impacts of Yoon’s short-lived imposition of martial law last Tuesday, reports Yonhap news agency.
The officials shared the need to maintain beefed-up market monitoring and continue implementing market stabilisation measures, such as injecting unlimited liquidity, though the stock market has largely recovered and other indexes have now stabilised, according to the finance ministry.
“We will closely watch the political situation this weekend and be fully prepared. In case of excessive volatility, we will implement additional market stabilisation measures in a timely manner,” it added.
The government and relevant financial institutions will continue all-out efforts to fully explain the situation to partner nations and foreign investors to reassure that South Korea’s economic fundamentals remain strong and the political issue can be seen separate from economic dynamics, the ministry said.
Following the martial law fiasco, the stock market had tumbled before paring most of the earlier losses in recent sessions. The Korean won weakened markedly to stay well below the 1,400 won level.
The opposition side filed a new impeachment motion against Yoon on Thursday, set to be put to a vote on Saturday, as their first vote to remove him from office failed last week due to a lack of quorum.
Despite mounting pressure to step down, Yoon has denied insurrection charges and vowed to “fight to the end,” claiming that his martial law declaration was an act of governance partly aimed at sending a warning to the liberal Democratic Party.
–IANS
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