Seoul: The Bank of Korea (BOK) has announced an emergency market response meeting to be held on Wednesday, following the declaration of martial law by President Yoon Suk Yeol. The meeting aims to assess the impact of the emergency measures on financial markets and discuss necessary responses, according to bank officials. Senior officials of the central bank will convene early in the morning to address the situation.According to Yonhap News Agency, an additional session of the BOK's monetary policy board is also planned for the same day. This session will focus on discussing the current financial market conditions and potential measures to stabilize the situation. The announcement of these meetings follows a dramatic shift in the country's political landscape, as soldiers were seen preparing to enter the main hall of the National Assembly in Seoul in the early hours of December 4, 2024. The martial law declaration was made by President Yoon in response to what he described as the need to eliminate pro-North Korea forces and maintain constitutional order.The decision to impose martial law has led to immediate financial repercussions, with the Korean won experiencing a sharp decline against the U.S. dollar, and significant fluctuations observed in the cryptocurrency market. In light of these developments, BOK Governor Rhee Chang-yong participated in an emergency meeting led by Finance Minister Choi Sang-mok. During this meeting, authorities pledged to implement "all possible market stabilization measures," including the provision of "unlimited liquidity" to support the financial markets.This recent martial law declaration marks the first such instance in South Korea since 1979, highlighting the gravity of the current political and economic situation. The BOK's proactive steps aim to mitigate the potential adverse effects on the financial markets and maintain economic stability in the face of escalating tensions.
- September 13, 2026
