[THE INVESTOR] Finance Minister Yoo Il-ho said on Sept. 20 that he will make full efforts to keep the country’s sovereign credit ratings high and foreign exchange reserves stable to deal with rising uncertainties in the global financial market.

“South Korea is a small, open economy that is vulnerable to external shocks,” Yoo said in a Seoul meeting on international financial development.

“As the global financial market has been experiencing widening volatility, it is hard to say how the South Korean economy will be affected by some risky factors like a possible US rate hike and a Chinese slowdown.”

He said the nation still needs to increase its capability to keep up with such fast-changing financial trends although it has grown to some extent to receive high sovereign credit ratings by major global appraisers.

“In order to cope with global financial uncertainties and a sudden foreign capital outflow, South Korea should focus on financial stability through maintaining international creditworthiness and securing enough foreign exchange reserves,” he said.

(theinvestor@heraldcorp.com)