F4 Gathered After the Lifting of 'Emergency Martial Law'
"Also Discussed Measures to Respond to Private Financial Companies"
On the 4th, Lee Bok-hyun, Governor of the Financial Supervisory Service, attended a closed-door meeting to review the economic and financial situation at the Bankers Hall in Myeongdong, Seoul. Photo by Jo Yong-jun
Lee Bok-hyun, Governor of the Financial Supervisory Service, stated that "the foreign currency fund market is moving stably" and added, "We will closely monitor the situation throughout the day."
Governor Lee made these remarks to reporters after attending an emergency macroeconomic and financial issues meeting (F4 meeting) held at the Seoul Banking Hall on the morning of the 4th. Following President Yoon Seok-yeol's declaration of martial law on the 3rd, the heads of the economic and financial control towers prepared for the shocks the financial market might face by holding F4 meetings on the night of the 3rd and again on the morning of the 4th.
Although the martial law was lifted six hours after its declaration, negative impacts on the market are expected to be inevitable. According to the Ministry of Economy and Finance and financial authorities on the 4th, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok held the second F4 meeting related to the martial law declaration at 7 a.m., attended by 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, agreeing to deploy all possible measures to stabilize the market.
After the meeting, Governor Lee told reporters regarding the impact on the market, "We hold daily F4 meetings to continuously monitor the situation," and explained, "The Bank of Korea's Monetary Policy Committee is also scheduled to hold a meeting, and under the leadership of the Financial Services Commission Chairman, response measures related to private financial companies will also be discussed."
Regarding the assessment that the market has stabilized, he added, "In fact, the foreign currency fund market is moving stably," and "We will continue to closely observe the situation."
Earlier, at 11:40 p.m. on the previous night, about an hour and ten minutes after President Yoon declared martial law at 10:30 p.m., Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok presided over an F4 meeting related to the martial law declaration. After the F4 meeting, Governor Lee also held an emergency financial situation review meeting at 1:30 a.m. with deputy governors and heads of major financial sectors.
Governor Lee also stated that he would thoroughly respond to the crisis by checking the foreign currency fund conditions by financial sector and the volatility of the virtual asset market, promptly sharing and cooperating with related agencies, activating an emergency response system, and holding financial situation review meetings as needed. Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok also said, "We will hold emergency macroeconomic and financial issues meetings daily to maintain a crisis management system," and "More specific additional market stabilization measures will be promptly announced after each institution completes its review."
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