The government said Monday it will take prompt and decisive action in the case of any excessive market volatility stemming from rising tensions in the Middle East, following a preemptive Israeli strike on Iran.
The decision was made during a virtual meeting that brought together senior officials from the finance, foreign and industry ministries, 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.
"In the event of excessive market volatility that is deemed to be detached from the country's economic fundamentals, authorities plan to take prompt and decisive action in accordance with contingency plans," the ministry said.
Participants in the meeting stressed the importance of closely monitoring both financial markets and the real economy, given the ongoing military clashes between Israel and Iran over the weekend and the high uncertainty surrounding future developments.
Authorities also pledged to ensure stable energy supply management and minimize disruptions to trade and logistics, the ministry said.
Measures include liquidity support for exporters affected by the conflict in the Middle East and securing dedicated shipping space for small and medium-sized enterprises. (Yonhap)
