Korean Finance Minister Yoo Il-ho on Friday said Seoul will "swiftly and firmly" take measures to deal with volatility in financial markets if necessary as Britain voted to leave the European Union.

Korea "has faithfully reviewed contingency plans and the government will swiftly and firmly deal with the development if necessary," the policymaker said in a statement, saying that the Brexit is expected to pose "long-term uncertainty" to the world economy and Korea. 

"In the short term, volatility in the financial markets is likely to widen," Yoo was quoted as saying in the statement. Yoo issued the statement as he arrived in Beijing to attend an annual meeting of the China-led Asian Infrastructure and Investment Bank. On Friday, Britain voted to leave the 28-nation bloc, causing panic through global financial markets.

To help stabilize global financial markets, Yoo said South Korea will strengthen cooperation with China and Japan, as well as the Group of 20 nations, according to the statement. (Yonhap)