South Korean govt to expedite economic policy implementation to assist market stabilisation
Seoul, Dec 16 (IANS) The South Korean government will accelerate its implementation of key economic policy measures to help normalise financial markets, which have largely stabilised following the impeachment of President Yoon Suk Yeol over the weekend, the country’s top economic policymaker said Monday.
Finance Minister Choi Sang-mok made the remarks during an emergency meeting with Bank of Korea Governor Rhee Chang-yong and other top financial officials, which has been held on a daily basis to discuss ways of minimising economic impacts of Yoon’s short-lived imposition of martial law on December 3, Yonhap news agency reported.
Officials at the meeting noted that the local stock market has shown significant stabilisation, thanks to active government intervention and a buying spree by institutional investors. Volatility in the foreign exchange market, which initially spiked, has also largely subsided, they added, according to the finance ministry.
“We will expedite key policies such as value enhancement strategies, inclusion in the World Government Bond Index (WGBI) and modernisation of the capital and foreign exchange markets,” Choi said.
He also outlined plans to bolster South Korea’s international credibility, such as appointing ambassadors for international finance and investment cooperation, and enhancing incentives to attract foreign investment.
President Yoon declared an emergency martial law on the night of December 3, but it was revoked by the National Assembly hours later.
Yoon was named by investigative agencies as a suspect on an insurrection charge and became the first sitting president to be banned from leaving the country.
The National Assembly passed an impeachment motion against Yoon on Saturday over his short-lived imposition of martial law on December 3, suspending his duties until the Constitutional Court decides whether to reinstate him or remove him from office
–IANS
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