SEOUL, December 16 (AJP) - The South Korean government vowed on Monday to accelerate key economic policies aimed at bolstering financial markets, which have shown signs of stabilization following the impeachment of President Yoon Suk Yeol on Dec. 14.
Finance Minister Choi Sang-mok addressed the nation’s top financial officials during an emergency meeting that included Bank of Korea Governor Rhee Chang-yong. These meetings, held daily since the economic turmoil triggered by Yoon’s declaration of martial law on Dec. 3, have focused on minimizing the fallout on the country’s markets.
Choi noted that decisive government intervention and strong institutional investor activity had contributed to calming market volatility.
“Turbulence in the foreign exchange market, which had initially surged, has eased significantly,” Choi said.
The government pledged to accelerate measures designed to enhance the nation’s economic standing, including pursuing inclusion in the World Government Bond Index and modernizing South Korea’s capital and foreign exchange markets.
“We will expedite key policies to boost value enhancement strategies while ensuring long-term stability,” Choi said. He outlined additional steps to bolster South Korea’s international credibility, such as appointing ambassadors for international finance and investment cooperation and offering expanded incentives to attract foreign investment.
He emphasized the government’s commitment to maintaining economic resilience amid the ongoing political crisis. “The normalization of financial markets is our utmost priority, and the government will remain vigilant in addressing these challenges,” Choi said.
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