Deputy Finance Minister: "Strengthening Foreign Exchange Market Monitoring... Timely Response Measures if Necessary"

Emergency Economic Response TF 4th Meeting

Bang Gi-seon, Vice Minister of Strategy and Finance, is presiding over the 4th Emergency Economic Response TF meeting held at the Government Seoul Office Building on the 19th. 2022.5.19 Photo by Yonhap News

[Asia Economy Sejong=Reporter Son Seonhee] On the 19th, as the won-dollar exchange rate surged by more than 11 won, approaching 1280 won again, Bang Gi-seon, the 1st Vice Minister of the Ministry of Economy and Finance, stated, "We will strengthen monitoring of the foreign exchange market and implement timely response measures if necessary."

Vice Minister Bang chaired the 4th meeting of the Emergency Economic Response Task Force (TF) at the Government Seoul Office in the afternoon and said this as the Ministry of Economy and Finance reported that, given the ongoing volatility in the foreign exchange and financial markets due to external uncertainties, he instructed closer policy coordination among related agencies. The meeting was attended by key officials of the Ministry of Economy and Finance, including the Directors of the Economic Policy Bureau, International Finance Bureau, External Economic Bureau, and Treasury Bureau, to review recent financial market and real economy trends and policy implementation status, and to discuss future response directions.

The Emergency Economic Response TF also reviewed issues related to inflation and supply chains. The government expanded related support by lowering the standard price for diesel fuel price-linked subsidies from 1850 won per liter to 1750 won starting June 1, and extending the payment deadline from the original end of July to the end of September. Regarding this, Vice Minister Bang said, "With the continued rise in international oil prices and the recent increase in diesel prices, it is urgent to alleviate the burden on the transportation and logistics industries," and urged, "We will proceed with related administrative procedures such as revising the notification as quickly as possible to ensure the expansion of diesel fuel price-linked subsidy support is implemented without delay."

Regarding recent concerns about edible oil supply disruptions, he stated, "There is no problem with domestic supply, and currently, there are no plans to raise edible oil supply prices," and instructed, "We will continuously monitor supply and demand and actively consider additional response measures if necessary."

Meanwhile, Vice Minister Bang announced the establishment of a government-wide 'Economic Relations Vice Ministers' Meeting' to monitor the overall economic situation, review policy implementation status, coordinate opinions among related ministries, and strengthen collaboration. The first meeting is scheduled to be held on the morning of the 20th. Sixteen participants, including vice ministers from the Ministry of Economy and Finance, Ministry of Science and ICT, Ministry of the Interior and Safety, Ministry of Culture, Sports and Tourism, Ministry of Agriculture, Food and Rural Affairs, Ministry of Trade, Industry and Energy, Ministry of Health and Welfare, Ministry of Environment, Ministry of Employment and Labor, Ministry of Land, Infrastructure and Transport, Ministry of Oceans and Fisheries, Ministry of SMEs and Startups, Office for Government Policy Coordination, Fair Trade Commission, Financial Services Commission, and the Deputy Commissioner of Statistics Korea, will discuss recent inflation trends and future response plans.