[THE INVESTOR] The government will roll out all possible measures in responding to the effects of Brexit, Vice Minister of Strategy and Finance Choi Sang-mok said on June 24.

Speaking at an emergency meeting in Seoul, Choi said that a pan-government effort will be orchestrated to “minimize the negative effects” of UK leaving the European Union.

Saying that the government will closely monitor the foreign exchange market, Choi said that the authorities will take steps to stabilize the market. 


“As fluctuations in the foreign exchange market is expected, (the government) will take market stabilization actions including smoothing operations,” Choi said. 

Choi also said that the meeting of finance and economy-related government organizations will be called whenever necessary, and that a meeting of concerned ministers will be organized if necessary in drawing up response measures.

The vice minister also said that short term difficulties for the country’s financial markets will be unavoidable, but that Korea is well prepared to deal with the situation.

Choi said that G7 nations and European Central Bank will launch a coordinated response, and that Korea will seek similar cooperation with financial authorities of China and Japan.

By Choi He-suk (cheesuk@heraldcorp.com)