As the market fluctuated due to armed conflict between Iran and Israel, the government held a joint emergency response committee meeting with related agencies.
On the 16th, the Ministry of Economy and Finance discussed the situation in the Middle East, market trends, and the impact on the domestic economy with the Ministry of Foreign Affairs, Ministry of Trade, Industry and Energy, Ministry of Oceans and Fisheries, Financial Supervisory Service, Bank of Korea, and International Financial Center.
The situation arose after Israel conducted airstrikes on Iran on the 13th, causing major countries' stock prices to drop and international oil prices to rise, thereby increasing volatility in the financial and commodity markets.
Participants in the emergency response committee meeting noted that with ongoing armed clashes between the two countries over the weekend and a high level of uncertainty regarding future developments, they decided to closely monitor financial and real economy trends and swiftly respond under close cooperation among related agencies in case of any unusual developments.
The joint emergency response committee decided to activate a 24-hour monitoring system. If the market shows excessive volatility diverging from our economic fundamentals, they will take immediate and bold action according to the situation-specific response plan.
Furthermore, while ensuring meticulous management of energy supply and demand, the government plans to implement support measures, such as providing liquidity support to companies affected by exports in the Middle East and dedicated shipping space for small and medium-sized enterprises, to minimize the impact on imports, exports, and logistics. Additionally, plans are in place for further support measures, including deploying temporary vessels if concerns about logistics disruptions escalate.