The Bank of Korea’s logo hangs on top of the Bank of Korea’s headquarters building in Seoul, South Korea, Thursday, August 16, 2018. Prices are forecast to rise to their highest levels since 2008.
Joan Bell | Bloomberg | Getty Images
South Korea’s central bank is holding an emergency meeting after President Yoon Seok-yeol lifted a surprise martial law order overnight.
The central bank is scheduled to hold an extraordinary board meeting around the 12th. 9 a.m. local time Wednesday. last week, BOK cuts benchmark interest rate by 25 basis points An unexpected move.
Around that time, Local news agency Yonhap reported South Korea’s financial regulator said it is ready to allocate 10 trillion won (US$7.07 billion) to the stock market stabilization fund at any time.
Late Tuesday night, Yin declared emergency martial law and mobilized the military. Within hours, the National Assembly voted to overturn the emergency order, forcing Yun to lift martial law early Wednesday morning. Yin announced that deployed military units had also been withdrawn.
Citi analysts said in the report: “We believe the negative impact on the economy and financial markets is likely to be short-lived, as uncertainty in the political and economic environment is likely to quickly ease on the back of a positive policy response. ”
South Korean Finance Minister Choi Sang-mok wednesday vows Inject unlimited liquidity into financial markets and stabilize them if necessary.
Korean stocks experienced significant fluctuations In the United States on Tuesday, South Korea was in political turmoil. this iShares MSCI Korea ETF (EWY)Shares of the company, which tracks more than 90 large and medium-sized companies in South Korea, plunged 7% to hit a 52-week low before closing down 1.6%.
The Korean stock market started trading at 9 a.m. (Korean Standard Time) as usual.
