The Bank of Korea convened an emergency meeting after President Yoon Suk Yeol unexpectedly declared martial law. This follows last week's decision to lower the benchmark interest rate by 25 basis points. The country's financial regulator is ready to allocate up to 10 trillion won ($7.07 billion) for stabilizing the stock market.
The Bank of Korea is holding an emergency meeting after South Korea n President Yoon Suk Yeol lifted a surprise martial law declaration overnight.Last week, the BOK cut its benchmark interest rate by 25 basis points in a surprise move.
Signage for Bank of Korea is displayed atop the central bank's headquarters building in Seoul, South Korea, on Thursday, Aug. 16, 2018. South Korea's central bank hiked interest rates for a second consecutive meeting on Thursday to wrestle consumer inflation down from 13-year highs, and further raised its projections for prices to rise to their highest since 2008.
Late Tuesday night, Yoon declared an emergency martial law and mobilized the army. Within hours, the National Assembly voted to overturn the emergency order, forcing Yoon to lift martial law early Wednesday morning. The military units that were deployed have also been withdrawn, Yoon announced. "In our view, the negative impact to the economy and financial market could be short-lived as uncertainties on political and economic environment could be quickly mitigated on the back of proactive policy response," Citi analysts said in a note., which tracks more than 90 large and mid-sized companies in South Korea, tumbled as much as 7% to hit a 52-week low before cutting losses to close 1.6% lower.
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