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S. Korea vows thorough market monitoring, immediate responses to Middle East crisis

April 23, 2024 - 11:22 By Yonhap
Finance Minister Choi Sang-mok speaks during an external economic advisory council meeting to discuss the impact of the Middle East crisis in Seoul on Tuesday. (Yonhap)

Finance Minister Choi Sang-mok met with experts of economic and international affairs Tuesday and discussed responses to growing uncertainties in the Middle East, the finance ministry said.

During a meeting of the international economic advisory panel in Seoul, experts called on the government to "check developments and assess potential impacts thoroughly as the conflict between Israel and Iran, coupled with the Israel-Hamas war, has seriously boosted uncertainties in the global economy," according to the Ministry of Economy and Finance.

Choi vowed to be fully prepared for immediate responses in close cooperation with ministries concerned and experts, the ministry said.

Earlier this month, Iran carried out a drone and missile attack against Israel in response to a suspected Israeli attack on Iran's embassy in Syria, and the two sides had a tit-for-tat exchange of attacks last week.

The geopolitical issue has caused volatility in the South Korean foreign exchange market, sending the local currency to the closely watched level of 1,400 won against the US dollar for the first time since 2022 during intraday trading last week.

South Korea has been operating a pan-government team for monitoring the financial market around the clock and coordinating policy steps between ministries, though the Middle East crisis has not directly affected the country's energy, exports and imports, supply chains or logistics, the ministry said. (Yonhap)