Inspection of foreign currency liquidity due to rapid exchange rate… FSC held joint financial market inspection meeting
| Photo = Financial Services Commission. |
[e대한경제=신보훈 기자] The Financial Services Commission announced on the 26th that it held a joint financial market inspection meeting with the Financial Supervisory Service and related institutions at the Government Complex Seoul in Jongno-gu, Seoul. The purpose of this study is to check the current situation of the financial market and the ability of financial companies to respond to foreign currency liquidity due to the recent exchange rate rise.
The global financial market has been somewhat stable since mid-July, but volatility is increasing once more as concerns regarding intensive tightening in the US, a European recession, and a possible economic slowdown in China are highlighted. The won-dollar exchange rate, which was 1188.8 won at the end of last year, rose to 1345.5 won, the highest since the financial crisis on the 23rd. On that day, it recorded 1331.3 won.
The financial authorities decided to check the capacity to respond to foreign currency liquidity in each financial region, assuming a crisis situation, and to focus on checking and preparing for foreign currency liquidity problems as there is high uncertainty in the foreign exchange market in the future.
First, we plan to check and induce financial institutions to secure sufficient foreign currency liquidity on their own. If necessary according to market conditions, we plan to implement measures to stabilize the supply and demand of foreign currency liquidity according to the emergency response plan with relevant organizations such as the Ministry of Strategy and Finance and the Bank of Korea.
An official from the FSC said, “We plan to continuously check financial market risk factors and the soundness and liquidity of financial companies through joint financial market inspection meetings and financial risk response task forces.”
Reporter Bo-hun Shin bbang@
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