SEOUL (Reuters) – South Korea's Finance Ministry pledged on Sunday to continue implementing market stabilization measures as quickly as needed to support the economy after President Yeon Suk-yeol was impeached for briefly imposing martial law.
The ministry said that it will communicate effectively with the House of Representatives to maintain economic stability, adding that it plans to announce its semi-annual political plan before the end of this year.
The leader of the main opposition Democratic Party, Lee Jae-myung, called for the formation of a national stability council to govern the government and parliament to discuss finances, the economy and public livelihoods.
The Bank of Korea said in a statement that it will use all available policy tools in cooperation with the government to respond to and avoid any escalation of volatility in financial and foreign exchange markets.
The bank said it is necessary to respond more actively to the economic impact compared to previous impeachment periods due to increasing challenges in external conditions, such as increasing uncertainty in the business environment and intensifying global competition in key industries.
South Korea's financial regulator said in a statement that financial markets are expected to stabilize as recent political events are considered temporary shocks, but it will expand funds that help stabilize the market if necessary.
