SEOUL, Dec 18 (Bernama-Yonhap) -- The country's financial authorities on Thursday reaffirmed that they will take timely steps, if necessary, to stem volatility in the currency market, Yonhap News Agency reported.
In a meeting on the financial market, Finance Minister Koo Yun-cheol said the authorities will step up market monitoring and reconfirm timely actions against the won's decline, if necessary.
The meeting was also attended by Lee Eog-weon, chairman of the Financial Services Commission; Lee Chan-jin, governor of the Financial Supervisory Service; and Bank of Korea (BOK) Deputy Gov. Ryoo Sang-dai.
They shared the view that the local financial market remains stable but expressed concerns over an increase in volatility in the currency market.
Their meeting came as the Korean won has been falling sharply against the US dollar. The local currency ended at 1,479.80 against the greenback on Wednesday, the lowest level since April 9, when the won closed at 1,484.1 won.
In a bid to smooth out the market volatility, the state-run pension fund, the National Pension Service, has activated a foreign-exchange swap agreement with the BOK.
-- BERNAMA-YONHAP
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