South Korea’s financial authorities said they would remain vigilant about potential market instability following the U.S. Federal Reserve Bank’s rate hike and open the door to further rate-raising measures.
Finance Minister Zhou Kyung-ho, Central Bank Governor Ri Chang Yong and other officials held a meeting to discuss the implications of the Federal Reserve’s rate hike.
The Ministry of Finance and the Central Bank said in a statement that “the government and the Bank of Korea will strengthen the market control system, closely examine the financial integrity of our financial system, and apply market stabilization procedures quickly if necessary.”
The KOSPI fell by 11.12 points, or 0.44%, to 28.2490 as of 10 a.m. local time.
The Federal Reserve Bank raised the interest rate by a quarter point to range from 5% to 5.5%.
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