South Korea finance ministry vows measures to stabilise market volatility if needed
SOUTH Korea’s finance minister stepped up warnings on Monday that the government is ready to act to counter any renewed volatility in currency markets after the won has extended declines against the dollar to hit the lowest in a year and a half.
“We will swiftly act according to contingency plans and will play any necessary role to respond to any excessive volatility in forex and other financial markets,” Choi Sang Mok said at a policy meeting urgently scheduled to discuss escalating tensions in the Middle East.
He also said the government will extend a tax cut on fuel consumption by two months until the end of June in an effort to curb inflation amid escalating global geopolitical risks.
The comments come as Iran launched explosive drones and fired missiles at Israel late on Saturday in its first direct attack on Israeli territory, a retaliatory strike that raised the threat of a wider regional conflict.
South Korean currency markets open at 0000 GMT. REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Crypto boom, erratic rain spark outages in Laos, Asia’s clean power export hub
Bank of Japan in no rush to sell risky asset holdings
China’s first special bond sale likely to see solid demand
HSBC brings out tax tools for UK businesses ahead of new rules
Data leak reveals links between money laundering accused Su Jianfeng and sale of Dubai properties
Businessmen in Singapore placed on China’s wanted list weeks after money laundering raid in 2023