Jeong Eun-bo, head of the Financial Supervisory Service, needs to intensively inspect the short-term financial and foreign currency funds markets

On the 25th, the Governor of the Financial Supervisory Service Jeong Eun-bo held an emergency financial market situation inspection meeting to check internal and external risks and instruct responses. [사진=금감원]

“In relation to Russia’s invasion of Ukraine, it is necessary to focus on short-term financial markets and foreign currency funds markets.”

Jeong Eun-bo, head of the Financial Supervisory Service, held an ‘Emergency Financial Market Situation Inspection Meeting’ on the 25th and said this. As risks from Ukraine continued to rise recently, the relevant measures were reviewed.

In this process, it was ordered to implement preferential stabilization measures for vulnerable areas by industry. He also urged the government to carry out measures to stabilize the financial market without any setbacks in accordance with the emergency response plan prepared earlier.

In particular, it requested a detailed check on the cash flow of companies that have large trade relations with Ukraine-related countries or import-related companies such as oil, natural gas, and grain. In addition, he ordered the immediate operation of the emergency financial grievance counseling center so that practical difficulties such as suspension or delay of money remittance to local expatriates and international students do not arise.

Director Jung is currently on a business trip abroad. During this business trip, he met with European Central Bank (ECB) President Christine Rigarde, Bank of England (BOE) President Andrew Bailey, and Moody’s Chairman Rob Fauber.

Director Jung said, “We shared our awareness of the current geopolitical situation in Europe.” “Major overseas financial figures say that the Korean economy is maintaining a relatively strong economic condition despite the corona pandemic (global pandemic), and it is also important in crisis management. I think he has enough skills,” he said.

In particular, Chairman Fauber is known to have predicted that Korea will be able to effectively respond to expected market uncertainties.

Lastly, President Jung urged the government to implement comprehensive market stabilization measures through active cooperation with relevant ministries while closely monitoring the development of the Ukraine crisis.

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