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Biz News Korea(Eng)
BOK taking command over watch on markets on Impeachment Day in Korea
- Collected
- 2016.12.09
- Distributed
- 2016.12.12
- Source
- Go Direct
The 300-member legislative goes into a vote to impeach Park on the grounds of bestowing her elected authority to clandestine clan led by her friend Choi Soon-sil, forcing illicit funds out of companies, and mixing personal interests in public affairs, as well as for her mysterious whereabouts in the first seven hours when the Sewol ferry was sinking with more than 300 passengers on board in 2014. Result of the vote that requires at least 200 votes for the impeachment motion to pass is expected to be out around 4:30 p.m. after the markets close.
The disapproval of the motion could deal as bigger blow as it would aggravate political insecurity since all members of opposition parties numbering165 vowed to resign if the bill is voted down, which would make the country find itself for the first time without a National Assembly since an active legislative must have at least 200 members.
BOK Governor Lee Ju-yeol will head the meeting to discuss actions should markets turn volatile amid political insecurity as state leadership could be in limbo until the Constitutional Court endorses the impeachment after deliberation of up to six months.
Lee canceled overseas business trip to command watch on market conditions, a BOK official said..
As of 1:37 p.m. on Friday, the Korean composite stock price index fell 0.40 percent to 2,022.91 points. The dollar gained 0.50 percent to 1,167.80 won.
By Chung Ui-hyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]