March 21, 2018 / 11:25 PM / a year ago

S.Korea has contingency plan if market volatility widens-vice finmin

SEOUL, March 22 (Reuters) - South Korea’s vice finance minister said on Thursday the government is ready to act to stabilize financial markets should volatilities widen, but added that a U.S. decision to lift interest rate is likely to have a limited market impact.

“Measures to stabilize markets will be deployed in a timely manner according to a contingency plan already in place should volatilities widen,” Ko Kyoung-kwon said in a meeting with counterparts from the Bank of Korea and financial regulators.

The policy meeting on Thursday was scheduled to assess the market impact of the Federal Reserve’s decision to lift the federal funds rate target range.

Ko also said the government will closely watch trade protectionist moves, as well as major political events scheduled for April and May including U.S-North Korea summit.

Reporting by Cynthia Kim, Dahee Kim

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