S Korea vows to take actions to ease Brexit fallout

SEOUL, Jun. 25 (MNA) – South Korea on Saturday said it will keep close tabs on the impact of the Brexit on the local market and take actions swiftly and firmly to minimize its fallout if needed.

"For now, the uncertainties (on Britain's exit from the European Union) are big, and we cannot predict the consequences," the government said.

On Saturday, officials from the finance and industry ministries, as well as the central bank, held a gathering to check the repercussions of Britain's vote to leave the EU.

Hit by the Brexit rout, Seoul's benchmark stock index dived 3.1 percent to close at 1,925.24 points Friday, the biggest daily loss in over four years. The local currency fell 2.52 percent against the greenback, tumbling the most in nearly five years.

The Seoul government vowed to operate a 24-hour monitoring system and join forces among different finance-related bodies, as the Brexit is feared to have adverse impacts at home and abroad.

"But there are also perspectives that financial uncertainties will ease down the road as governments and central banks around the globe are cooperating to overcome the issue," a government official said.

"However, there are also possibilities that other countries will seek to leave the European Union," he added. "As uncertainties still remain high, related organizations will continue to stay on high alert."

The government said that if needed, it will mobilize all means to swiftly and firmly respond to market volatility.

YNA/MNA

News Code 117624

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