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S. Korea to run daily monitoring system to gauge fallout from Dubai crisis
SEOUL, Nov. 30 (Yonhap) -- South Korea will run a daily monitoring system to gauge the fallout from the unfolding Dubai crisis on the nation's financial markets in a bid to stave off possible market turmoil, a senior financial policymaker said Monday.
"We will establish a daily monitoring system to throughly watch developments in each related area until the Dubai debacle comes to a sure end," Vice Finance Minister Hur Kyung-wook told an emergency meeting attended by high-ranking officials from the central bank and economy-related ministries.
His remarks come after a Dubai firm called for a six-month repayment moratorium on billions of dollars in debt Wednesday, raising fears it could trigger yet another global financial crisis after the collapse of Lehman Brothers last year.
South Korea's financial markets were severely rattled, with its stock index plunging and the local currency losing marked ground against the U.S. dollar last week as investors sought safer assets amid increased uncertainty.
Hur noted that shocks witnessed in markets at home and abroad are now showing signs of easing, adding that the "possibility is slim" that the Dubai debt problem could develop into a full-blown global financial crisis.
But he said the government should brace for the worst-case scenario, as jitters might linger "for the time being," and called for agencies to share information to avoid giving confused signals to the markets.
kokobj@yna.co.kr
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