MoEF "Ensuring Thorough Management as Economic Control Tower... Holding Executive Meetings Daily"

Discussion on Response Measures Regarding Presidential Martial Law Declaration
Additional F4 Meeting Scheduled for the Morning of the 4th

On the 4th, the Ministry of Economy and Finance announced, "As the economic control tower, we plan to thoroughly manage and monitor the overall economy without wavering," adding, "To this end, we plan to hold meetings for first-level officials or higher every day."

The Ministry of Economy and Finance made this announcement following the conclusion of an emergency first-level meeting held after 1 a.m. that day. The meeting was convened to discuss countermeasures after President Yoon Seok-yeol declared martial law past 10 p.m. on the 3rd. The ministry explained, "We urged Ministry of Economy and Finance staff to remain diligent in their assigned duties as usual."

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, holds an emergency macroeconomic and financial issues meeting (F4 meeting) and discusses 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. Photo by Ministry of Economy and Finance

At 7 a.m. that day, Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, held an emergency macroeconomic and financial issues meeting (F4 meeting) and announced that he would continue related discussions 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.

Earlier, at the F4 meeting held at 11:40 p.m. the previous day at the Seoul Federation of Banks building, Deputy Prime Minister Choi stated, "To respond to potential market instability factors that may arise following the declaration of martial law, we will mobilize all possible financial andforeign exchange market stabilization measures, including unlimited liquidity supply."

Following the declaration of martial law, the won-dollar exchange rate surged to its highest level in over two years, and virtual asset prices plummeted, causing fluctuations in the financial market. The Bank of Korea's Monetary Policy Committee announced that it plans to hold an emergency meeting this morning to discuss market stabilization measures.

In the National Assembly, a motion to lift martial law was passed early this morning with the support of 190 members, a majority of the total members. According to the Martial Law Act, lifting martial law requires deliberation by the State Council.