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BOK to supply $2.5 bn liquidity to minimize shocks from Brexit

Collected: 2016.06.29

Distributed: 2016.06.30

Source: Go Direct

South Korea’s central bank will embark on open market operations to add short-term liquidity of more than 3 trillion won ($2.5 billion) to keep fund flows at bond and other capital markets seamless amid volatility in local markets in the aftermath of last week’s British vote to break away from the European Union.

Bank of Korea Governor Lee Ju-yeol cut his trip to Switzerland short after attending the 85th Annual General Meeting of the Bank for International Settlement (BIS) in Basel and held a senior-level meeting on Monday.

The BOK will supply the short-term liquidity through open market operations by moderating supply of monetary stabilization bonds and repo agreements with commercial banks to help stabilize the money market, the central bank said.

“We will fine-tune contingency plan according to the developments from the Brexit,” said Lee. “We will closely monitor how the decision affects exports and growth and strengthen cooperation with the government and central banks of major countries to share information and coordinate policies,” he added.

He advised against hype and panic over the ramifications, assuring authorities will keep close vigil against ill effects.

By Lee Sang-duk

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