Choi Sang-mok "Full Mobilization of Financial and Foreign Exchange Market Stabilization Measures Including Unlimited Liquidity"

Emergency Macroeconomic and Financial Issues Meeting

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, stated on the 4th regarding the 'declaration of martial law,' "To respond to potential market instability factors that may arise after the declaration of martial law, we will mobilize all possible financial and foreign exchange market stabilization measures, including unlimited liquidity supply."

Deputy Prime Minister Choi made this decision during an emergency macroeconomic and financial issues meeting (F4 meeting) held at 11:40 p.m. on the 3rd at the Korea Federation of Banks building in Seoul, with Lee Chang-yong, Governor of the Bank of Korea, Kim Byung-hwan, Chairman of the Financial Services Commission, and Lee Bok-hyun, Governor of the Financial Supervisory Service, according to the Ministry of Strategy and Finance.

Choi said, "We will hold emergency macroeconomic and financial issues meetings daily to establish a permanent crisis management system," and added, "More specific additional market stabilization measures will be promptly announced from the morning of the 4th after each institution reviews them."

Regarding this, a Ministry of Strategy and Finance official stated that Choi plans to convene an additional meeting at 7 a.m. on the 4th to review the economic and financial situation.

According to the Ministry of Strategy and Finance, participants at the meeting emphasized their commitment to making every effort to stabilize the national economy in preparation for all situations.

Following the news of the declaration of martial law, the won-dollar exchange rate surged to its highest level in over two years, while stock prices and virtual asset prices plummeted.

Meanwhile, the Bank of Korea's Monetary Policy Committee will hold an extraordinary meeting on the morning of the 4th. A Bank of Korea official said, "We plan to discuss the situation related to the declaration of martial law and market stabilization measures." Additionally, the Bank of Korea will convene an 'emergency meeting to respond to market conditions' with all executives attending during the morning.