Bank of Korea to take market-stabilizing measures if needed over US election

Bank of Korea Governor Lee Ju-yeol. Korea Times file

South Korea's central bank will take measures to stabilize the financial markets in a timely manner when needed as the outcome of the U.S. presidential election could increase market volatility, its head said Monday.

Bank of Korea (BOK) Gov. Lee Ju-yeol said that volatility in the financial markets at home and aboard could increase, depending on the outcome of the U.S. election, set for Tuesday, amid concerns about a resurgence in COVID-19 cases in Europe, according to the central bank.

"The governor instructed officials to closely monitor the financial markets with extra vigilance and to take market-stabilizing measures in a timely fashion when needed," the BOK said in a statement.

The BOK said it will hold a meeting Wednesday to check the impact of the U.S. election on the South Korean economy and financial markets.

South Korea's key stock index was trading 1.22 percent higher at 2,294.82 as of 11:00 a.m. The Korean currency was trading at 1,134 won against the U.S. dollar, up 1.1 won from the previous session. (Yonhap)