Government and Bank of Korea Assess Financial Market Impact of 'Wuhan Pneumonia' Spread

(Data provided by Yonhap News)

[Asia Economy Reporter Kwangho Lee] As financial market uncertainty grows due to the spread of the novel coronavirus infection, known as 'Wuhan pneumonia,' the government and the Bank of Korea will hold situation assessment meetings consecutively on the 27th.

Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, will preside over an expanded macroeconomic and financial meeting at 4 p.m. at the Government Seoul Office to assess the impact of the novel coronavirus spread on the financial and foreign exchange markets.

With uncertainty increasing in the international financial markets due to the spread of Wuhan pneumonia, the meeting will comprehensively review changes in the international financial market situation and their potential impact on the domestic financial market.

The expanded macroeconomic and financial meeting was convened urgently, as it was not originally scheduled. The macroeconomic and financial meeting is a body attended by officials from the Ministry of Economy and Finance, the Financial Services Commission, the Financial Supervisory Service, the Bank of Korea, and the International Financial Center.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, will chair an executive meeting in the afternoon with Wuhan pneumonia as the agenda.

Eun Sung-soo, Chairman of the Financial Services Commission, will also hold a situation assessment meeting related to Wuhan pneumonia with relevant directors of the Financial Services Commission.

Lee Ju-yeol, Governor of the Bank of Korea, will hold a closed financial and economic situation assessment meeting in the afternoon. The Bank of Korea had originally planned to hold it at 8 a.m. on the 28th but moved the schedule forward by one day due to increased financial market uncertainty.

Meanwhile, according to the Disease Control Headquarters on the same day, the fourth confirmed case of Wuhan pneumonia has occurred in Korea.