FSC: "100 Trillion Won Plus Alpha Market Stabilization Program Ready If Needed" [US Airstrikes on Iran]

Emergency Meeting Convened Amid Rising Middle East Tensions
24-Hour Operation of Emergency Response Financial Market Task Force
Enhanced Support for SMEs in Preparation for Possible Strait of Hormuz Closure

Financial authorities announced that, amid heightened geopolitical tensions in the Middle East following the death of Iran's Supreme Leader Ayatollah Seyyed Ali Khamenei in a U.S. and Israeli attack, they are prepared to immediately implement a 100 trillion won market stabilization program if necessary.

On March 1, Lee Okwon, Chairman of the Financial Services Commission, convened an emergency meeting at the Seoul Government Complex to review the domestic and international economic and financial market impacts of the U.S. and Israeli airstrikes on Iran and to discuss response measures.

Lee Eokwon, Chairman of the Financial Services Commission. Financial Services Commission Yonhap News

Chairman Lee stated, "The outlook for developments in the Middle East remains uncertain," and emphasized, "If the crisis becomes prolonged, it could affect the domestic financial markets and real economy, so it is critical to remain particularly vigilant and closely monitor the situation in the Korean economy and financial markets."

The Financial Services Commission will immediately activate an "Emergency Response Financial Market Task Force," headed by the Secretary General of the Commission and comprised of the Ministry of Economy and Finance, Bank of Korea, Financial Supervisory Service, and International Finance Center, to conduct 24-hour monitoring of financial market conditions.

In particular, Chairman Lee directed that close attention be paid to trends in global markets-including those in Asia, Europe, and the United States-on March 2, when the domestic financial markets will be closed. The Financial Services Commission also plans to hold market situation review meetings in a timely manner together with the Financial Supervisory Service and other related financial institutions.

Additionally, Chairman Lee instructed that, if needed, existing financial market stabilization measures (contingency plans), such as the "100 trillion won plus alpha" market stabilization program, be implemented swiftly. He also requested that comprehensive efforts be made to support the real economy to minimize damage to small and medium-sized enterprises vulnerable to the impact of the Middle East crisis, including potential closure of the Strait of Hormuz.

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