Financial Services Commission Chairman Kim Byoung-hwan enters a government complex building in Seoul on Dec. 4, 2024. (Image courtesy of Yonhap)
SEOUL, Dec. 4 (Korea Bizwire) — The country’s top financial regulator said Wednesday that the authorities are ready to mobilize a 10 trillion-won (US$7 billion) stock market stabilization fund to reduce any market volatility in the midst of President Yoon Suk Yeol’s surprise decision to impose martial law, which was later lifted.
“We are ready to deploy the 10 trillion-won stock market stabilization fund at any time and other market stabilization steps,” Kim Byoung-hwan, the chief of the Financial Services Commission (FSC), said in a meeting with the heads of the Financial Supervisory Service and state-owned financial institutions.
Kim said a total of 40 trillion won worth of funds are also in store for the stabilization of the bond market.
The chief financial regulator said the authorities will closely monitor foreign currency prudence of local financial firms and take steps to inject ample liquidity into the currency market if needed.
(Yonhap)
