Seoul - (Saba):
The South Korean government announced on Monday that it will take swift and decisive action in case of any excessive market volatility due to escalating tensions in the Middle East.
The South Korean news agency Yonhap quoted the Ministry of Economy and Finance as saying that this decision was made during an online meeting that brought together senior officials from the ministries of finance, foreign affairs, and industry, as well as representatives from the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service, according to the Ministry of Economy and Finance.
The Ministry of Economy and Finance added that in the event of excessive market volatility, which is considered detached from the country's economic fundamentals, the authorities plan to take swift and decisive action in accordance with contingency plans.
The authorities also pledged to ensure stable energy supply management and minimize disruptions to trade and logistics.
The measures include liquidity support for exporters affected by the conflict in the Middle East and the provision of dedicated shipping space for small and medium-sized enterprises.