Finance chief pledges timely response to excessive FX market volatility
Finance Minister Koo Yun-cheol speaks during a meeting with heads of major securities firms in Seoul, Wednesday. Courtesy of Ministry of Finance and Economy
Finance Minister Koo Yun-cheol said Wednesday that the government is closely monitoring foreign exchange (FX) market volatility, pledging to respond in a timely manner to excessive market movements.
Koo made the remarks during a meeting with financial experts, including heads of major securities firms, the Ministry of Finance and Economy said, as the Korean won has fluctuated sharply following the U.S.-Israeli joint attacks on Iran.
The minister stressed that authorities are maintaining heightened vigilance over foreign exchange market volatility following recent developments in the Middle East.
He emphasized that the government will conduct 24-hour monitoring and respond in a timely manner if the won's movements deviate excessively from economic fundamentals.
Koo also said a set of three tax support measures aimed at stabilizing the foreign exchange market will soon be submitted to a National Assembly plenary session, expressing hope that their passage would help ease market volatility.