Choi calls for continued market monitoring ahead of Trump inauguration

January 17, 2025

Acting President Choi Sang-mok on Friday stressed the need for continued monitoring of South Korea’s financial and foreign exchange markets, citing heightened uncertainty just days before the inauguration of Donald Trump.

The U.S. president-elect is set to take office for his second presidential term Monday (U.S. time), raising concerns about the anticipated escalation of global protectionism and its effects on the country’s export-dependent economy.

“All relevant institutions must closely monitor U.S. policy changes under the new administration and global financial market trends, and make every effort to manage the financial and foreign exchange markets as stably as possible,” Choi said during an economic meeting attended by the Bank of Korea governor, as well as the heads of the Financial Services Commission and the Financial Supervisory Service.

Choi also underscored the importance of diplomatic engagement to uphold South Korea’s credibility in global markets.

“Each institution should actively communicate the robust fundamentals of our economy to the international community,” he said.

Choi, who also serves as deputy prime minister for economic affairs and finance minister, has said he will convene the meeting with top economic officials every week to assess the situation amid the political unrest stemming from President Yoon Suk Yeol’s short-lived martial law and his subsequent impeachment last month.

Acting President Choi Sang-mok (2nd from R) attends a meeting with the governor of the Bank of Korea and the heads of the Financial Services Commission and the Financial Supervisory Service in Seoul on Jan. 10, 2025, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)
Acting President Choi Sang-mok (2nd from R) attends a meeting with the governor of the Bank of Korea and the heads of the Financial Services Commission and the Financial Supervisory Service in Seoul on Jan. 10, 2025, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)