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August 23, 2019

FSC vows swift actions to calm markets if necessary

PUBLISHED : August 05, 2019 - 13:55

UPDATED : August 05, 2019 - 13:55

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South Korea’s financial regulator on Aug. 5 pledged to take “swift and bold” actions to stabilize markets if necessary in the wake of Japan’s decision to expand trade curbs against Seoul.

Financial Services Commission Vice Chairman Sohn Byung-doo told a meeting of senior financial policymakers that there were no unusual movements in Korean financial markets, amid the Japanese measure and a deepening trade dispute between the United States and China.

Financial authorities “are continuing to closely monitor financial market conditions and take swift and bold actions, if needed, to secure financial stability,” Sohn said.

The FSC said state-run financial institutions will offer a one-year extension of maturity for outstanding loans and guarantees for companies that are subject to Japan’s tightened export controls.

State-run financial institutions will also provide fresh loans of 6 trillion won ($4.98 billion) to help stabilize affected business operations and diversify their supply chains, the FSC said.

By Ram Garikipati and newswires (ram@heraldcorp.com)

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