The South Korean government will continue to operate its 24-hour market monitoring system amid the planned "reciprocal" tariffs by US President Donald Trump's administration and possible monetary policy adjustments by major economies, the acting president said Thursday.
Acting President Choi Sang-mok made the remarks at a meeting on economic and financial market conditions held just a few hours after the US Federal Reserve kept its benchmark interest rate unchanged at the 4.25 to 4.50 percent range.
The meeting was attended by Bank of Korea Gov. Rhee Chang-yong and Lee Bok-hyun, governor of the Financial Supervisory Service, as well as other officials.
The meeting participants noted the latest US rate decision had limited impact on the financial markets overnight, but the government needs to remain vigilant against various risk factors, such as the planned imposition of reciprocal tariffs by the United States on April 2, recession woes of major economies, geopolitical tensions in the Middle East and Ukraine, and monetary policy shifts in major economies, according to the finance ministry.
Choi asked related ministries to continue "conducting 24-hour monitoring of markets and checking major policy shifts of the United States and other major countries and their possible impact on the South Korean economy."
He also called for efforts to maintain South Korea's credit standing, noting global credit appraiser Fitch Ratings recently reaffirmed the country's sovereign rating at "AA-" with a stable outlook.
On the planned resumption of stock short selling, scheduled for March 31, the acting president highlighted the need to support the smooth resumption of the trading practice while also calling for support for the country's first alternative stock trading platform, which set sail earlier this month, the ministry said. (Yonhap)
