Seoul vows active, lasting steps to counter Brexit fallout

South Korea's financial authorities on Monday vowed to take all necessary measures to minimize the fallout from Britain's vote to leave the European Union, emphasizing that Asia's fourth-largest economy is well-positioned to tide over the unprecedented shock, Yonhap News Agency reported.

The head of the country's top financial regulator noted volatility in the local financial market may continue to increase over an extended period of time but insisted Britain's exit from the EU, called Brexit, will have limited impact on the global financial market.

"There still exists a possibility that volatility in the global financial market may further expand due to possible departures of other countries from the EU and various other factors that might emerge in the process of the market shifting to a new balance following Brexit," Yim Jong-yong, chairman of the Financial Services Commission (FSC), said in an emergency meeting in Seoul.

The meeting was attended by a wide range of top financial officials, including the heads of the Financial Supervisory Service, the Korea Federation of Banks and the Korea Financial Investment Association

Source: MENA