South Korea vows swift market stabilization measures if needed

SEOUL  – South Korea’s finance minister said on Thursday the economic and financial policy authorities would keep closely monitoring the markets situation and take stabilization measures if needed.

Minister Choo Kyung-ho made the remarks at a meeting of top policy makers to review global market conditions after the U.S. interest rate decision. The heads of the central bank and financial regulatory agencies also attended the meeting.

“The government and the Bank of Korea will implement market stabilization measures, if needed, while checking the soundness of the financial system and financial companies in an ongoing basis,” Choo said.

He said financial companies need to build more provisioning and capital buffers against future troubles, while adding the recent stability in domestic markets reflected still strong fundamentals of the local financial system.

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