Acting Chief Choi Leads F4: "Closely Monitoring US Policy and Financial Markets During Holiday Period"

"Comprehensive Support Plan for Low-Income Finance to Be Announced Next Month"

Yonhap News

Choi Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Economy and Finance, instructed on the 24th, "Given the significant uncertainties in the financial and foreign exchange markets due to the concretization of the new U.S. administration's policies, all institutions should closely monitor the new U.S. administration's policies and international financial market trends even during the Lunar New Year holiday period."

Acting President Choi made these remarks while presiding over the 'Macroeconomic and Financial Issues Meeting (F4 Meeting)' in the morning. The meeting was 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.

Acting President Choi stated, "Although the domestic financial and foreign exchange markets have recently shown signs of gradually regaining stability, uncertainties remain high due to the concretization of the new U.S. administration's policies and changes in major countries' monetary policies. Even during the Lunar New Year holiday period, all institutions will closely monitor the new U.S. administration's policies and international financial market trends and manage the markets stably."

He also announced that a comprehensive support plan to expand funding for low-income and vulnerable groups will be announced next month. Acting President Choi urged related agencies, "Please prepare a substantial comprehensive support plan for low-income finance by next month."

The won-dollar exchange rate closed at 1,433.70 won, down 3.90 won from the previous session in weekly trading, influenced by the global dollar weakness.

The KOSPI and KOSDAQ indices fell more than 1% due to profit-taking sales. The KOSPI index closed at 2,515.49, down 1.24% from the previous session, and the KOSDAQ index closed at 724.01, down 1.13%.