MOSCOW, August 1 (Bernama-Sputnik) -- South Korean Finance Minister Choi Sang Mok pledged on Thursday to draw up contingency plans to respond to market volatility after the US Federal Reserve signalled that it would cut its key interest rate, reported Sputnik quoting local media.
"Uncertainties linger over when and how much the US will cut interest rates. The government will remain vigilant and maintain close coordination among institutions concerned for proper responses," Choi was quoted as saying by Yonhap news agency.
The minister said South Korea's financial market remained stable despite risks of volatility stemming from the conflict in the Middle East and the looming presidential election in the United States. Choi said his financial policy would focus on household debt and real estate financing.
On Wednesday, the Federal Reserve left interest rates unchanged at 5.25 per cent-5.5 per cent for the eighth time, but Fed Chairman Jerome Powell said that the rate could go down as soon as September. The current range for rates is the highest in two decades.
--BERNAMA-SPUTNIK
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