Finance Minister Convenes Emergency Meeting regarding Israel’s Strike on Iran

Finance minister Choi Sang-mok convened an emergency virtual meeting while in Washington to check on possible repercussions regarding uncertainties in the Middle East following Israel’s attack on Iran early Friday.

Choi, who is visiting Washington to attend annual meetings of the International Monetary Fund and the World Bank Group, noted that the uncertainties in domestic and overseas financial markets have increased and asked relevant ministries to prepare an emergency response.

After being briefed on the domestic and overseas financial markets, the minister also called for elevated vigilance to prevent an adverse impact on the domestic economy.

Choi then ordered close monitoring of the situation surrounding energy, exports, supply chains and shipping networks by operating a joint emergency response team over the weekend.

The minister called to immediately respond when necessary based on an activated market stability program worth 94 trillion won, or around 68 billion U.S. dollars, while also sternly responding to excessive currency market changes beyond domestic economic fundamentals.