President Yoon Suk Yeol on Sunday presided over an emergency meeting to discuss the economic and security impact of heightened tensions in the Middle East following Iran’s recent missile and drone strikes against Israel, his office said.
The meeting was held to discuss the global security and economic situation following the latest Mideast crisis and its impact on South Korea’s economy and security, it added.
Noting the growing uncertainty of the global economy arising from the geopolitical instability in the Middle East, the participants agreed to keep close tabs on the impact on the international oil prices and exchange rate movements and to respond quickly to its effect on the economy, including supply chains.
Yoon also instructed officials to thoroughly prepare safety measures for South Korean residents, travelers and vessels in the region.
Earlier in the day, Finance Minister Choi Sang-mok presided over a meeting with senior ministry officials in Seoul, to discuss the possible economic impact caused
by Iran’s strike.
Choi said his ministry will operate a joint emergency response team of related agencies to closely monitor the financial market, and to examine its “contingency plan” to better prepare for any urgent situations.
The Bank of Korea (BOK) also said it will keep a close watch on the market situation, voicing concerns that the foreign exchange market could see heightened volatility.
“We are keeping a close watch on exchange rate movements, and we may take measures to stabilize the market, if necessary,” a senior official at the BOK told Yonhap News Agency.
The foreign ministry said it “strongly condemns” Iran’s attacks on Israel.
“The government is closely monitoring the situation with deep concern and urges all parties to exercise restraint to prevent further escalation,” the ministry said in a release.
Source: Yonhap News Agency