On the 19th, South Korea's Deputy Prime Minister and Minister of Economy and Finance, Gu Yun-cheol, stated the need for heightened vigilance in monitoring the foreign exchange market due to recent volatility stemming from tensions in the Middle East. He noted that if the value of the Korean won diverges significantly from economic fundamentals, the government would act quickly to mitigate potential market disruptions. This statement was made during the 'Expanded Macroeconomic and Financial Meeting' in Seoul, attended by key financial figures including Bank of Korea Governor Lee Chang-yong and Financial Supervisory Service head Lee Chan-jin.

During the meeting, it was reported that the won-to-dollar exchange rate had crossed the 1,500-won mark, reaching its highest level since the financial crisis of 2009. The officials discussed the ongoing uncertainty in the financial and foreign exchange markets and agreed on the necessity to monitor the situation closely while preparing coordinated responses should market stability be threatened. Plans to conduct stress tests to assess the resilience of the financial sector to various economic shocks were also outlined, along with preparations for a market stabilization program worth over 100 trillion won.

Moreover, the participants recognized that rising oil prices could exacerbate inflation, impacting vulnerable groups and negatively affecting the overall economy. There was consensus on the need to formulate a supplementary budget to respond to these economic challenges. However, there was also optimism that the impact of such fiscal measures would be limited on prices and the financial markets, given the current low demand pressures indicated by a negative GDP gap. Gu's remarks reflect the government’s proactive approach to managing economic fluctuations in the face of global uncertainties.