The head of South Korea's financial regulator vowed Thursday to take preemptive measures to ensure financial stability amid a slew of headwinds, such as high rates and policy shifts by the Trump administration.
Lee Bok-hyun, governor of the Financial Supervisory Service, also stressed the need to further develop and promote the local financial market, making it work in tune with the global standards.
"Our economy and financial market are surrounded by an array of uncertainties, as well as political uncertainties, which spur market volatility and economic downside risks," the FSS chief said in his opening remarks for the FSS SPEAKS 2025, an annual forum aimed at enhancing communication with foreign financial firms.
The forum was attended by some 230 officials and executives from foreign embassies and financial firms, including the ambassadors from China, Britain, Japan, Italy, the Netherlands and Switzerland.
"Against these backdrops, the Financial Supervisory Service will prepare for uncertainties at home and abroad," he said stressing that his agency will focus on financial stability by managing household debts at stable levels and supervising the soundness of financial firms.
The FSS chief also said his agency will make efforts for the market advancement by updating and revamping a slew of rules regarding initial public offerings and other systems.
Lee stressed that his agency will check everything ahead of the resumption of stock short selling next week.
The country imposed a temporary ban on stock short selling in November 2023 after a series of naked short selling violations involving several global investment banks were discovered. The suspension is set to be lifted Monday. (Yonhap)
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