Bank of Korea Governor Lee Chang-yong presided over a macroeconomic and financial issues meeting, known as the "F4 Meeting," at the Bank Hall in Seoul on the morning of the 30th, checking the recent trends in the financial and foreign exchange markets. Choi Sang-mok, acting president and Minister of the Ministry of Strategy and Finance, was absent to respond to the Muan Airport tragedy.
At the F4 meeting held at the Federation of Banks building in the morning on the 30th, Vice Minister Kim Bum-seok attended in place of Acting President Choi. At a similar time, Acting President Choi held the fourth Central Disaster and Safety Countermeasure Headquarters meeting at the Seoul Government Complex. With Acting President Choi absent, Bank of Korea Governor Lee Chang-yong presided over the meeting.
This meeting is a venue where the four heads of financial and economic authorities gather to discuss current issues, led by the Deputy Prime Minister and Minister of the Ministry of Strategy and Finance. However, amid Choi assuming the role of acting president on behalf of Prime Minister Han Duck-soo and concurrently serving as the head of the Central Disaster and Safety Countermeasure Headquarters following the Muan tragedy, Choi was unable to attend. It is expected that Governor Lee would likely lead the economic team for the time being.
Participants noted, "There has been an increase in volatility since the impeachment proposal of the prime minister passed the National Assembly last week," adding, "The relevant agencies will closely coordinate to monitor market conditions 24/7 and do their utmost to manage the financial and foreign exchange markets as stably as possible by mobilizing all available means."
It is assessed that there are sufficient resources for foreign exchange and market stability. As of the third quarter, South Korea's net external financial assets amount to $977.8 billion, and its foreign exchange reserves stand at $415.4 billion, ranking ninth in the world. The government and the Bank of Korea have decided to promptly implement additional market stabilization measures if there are excessive concentration effects.
Furthermore, the participants agreed to announce efforts to improve foreign exchange supply and demand, such as expanding infrastructure for foreign investment in Government Bonds, and improving foreign exchange market infrastructure and accessibility to meet global standards, as well as support for promoting foreign direct investment (FDI) through the 2025 economic policy direction.