SEOUL, The new chief of South Korea’s top financial regulator said Monday he will put top priority on stabilizing the financial market amid worries over increased volatility caused by global monetary tightening and a possible economic recession.
Kim Joo-hyeon made the remark in an inauguration speech after taking office as head of the Financial Services Commission (FSC) on Monday. He was picked for the post last month, but his inauguration had been delayed due to a parliamentary gridlock holding up preparations for his confirmation hearing.
President Yoon Suk-yeol officially approved his appointment Monday, as the National Assembly failed to send a confirmation report on him as required before the Friday deadline.
“I thought about what role our people want the FSC to play at this moment,” he said. “First and foremost, it must be financial market stability.”
His inauguration came as financial markets have been buffeted from heightened woes over monetary tightening in major countries to tame inflation that could tip the global economy into a recession.
The local stock markets have suffered high volatility recently, with the value of the local currency also tumbling against the U.S. dollar.
“The FSC has gained the experience of wisely tiding over financial crises several times before,” he said. “We will draw up new sets of policies, including contingency plans, if necessary, for each situation that we could envision.”
He also said the FSC will cooperate with the Financial Supervisory Service, another financial watchdog, to make sure funds are supplied to areas in need in a timely manner so as to shield the financial system from excessive swings.
Touching upon fast-rising borrowing costs and high inflation, the new FSC chief underlined the importance of helping low-income and small merchants who could bear the brunt of harsher economic conditions more than others, vowing to provide necessary support for them to survive challenges.
Source: Yonhap News Agency