(Seoul=News1) Reporter Park Ji-hye = On the 19th, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok took a commemorative photo with attendees ahead of the ‘Emergency Macroeconomic and Financial Meeting’ held at the Korea Federation of Banks in Jung-gu, Seoul. From the left are Lee Bok-hyun, Governor of the Financial Supervisory Service, Chang-yong Rhee, Governor of the Bank of Korea, Deputy Prime Minister Choi, and Kim Byung-hwan, Chairman of the Financial Services Commission. (Provided by the Ministry of Economy and Finance) 2024.12.19/News1
Chang-yong Rhee, Governor of the Bank of Korea, Kim Byung-hwan, Chairman of the Financial Services Commission, and Lee Bok-hyun, Governor of the Financial Supervisory Service, stated on the 8th that the claim that they discussed memo contents related to martial law in an “emergency macroeconomic and financial issues meeting (F4 meeting)” right after the proclamation of martial law is completely unfounded.
The Bank of Korea, Financial Services Commission, and Financial Supervisory Service released a joint press release stating this.
This explanation comes in response to media reports suggesting that, immediately after the December 3 declaration of martial law, the F4 meeting was held as a discussion to implement memo contents related to martial law from President Yoon Suk-yeol and that these individuals are key players who dutifully executed a rebellion together.
The Bank of Korea stated, “We want to explain the situation that unfolded on that day,” and further explained that on the night of December 3 last year, the emergency F4 members convened to primarily discuss emergency stabilization measures in response to foreign exchange market volatility caused by a sharp rise in the won/dollar exchange rate following the martial law proclamation, as well as whether to open the stock market the following day. A press release with stabilization purposes was also issued.
Furthermore, each agency prepared more specific additional market stabilization measures which were to be implemented, deciding to convene the F4 meeting again at 7 a.m. the following day. The F4 related agencies emphasized that they are putting all efforts into financial and economic stability with a 24-hour monitoring system in operation following the martial law situation.