Korea sets up stability system after attacks
Wednesday 24 November 2010 – by Nicola York
South Korea has set up a 24-hour monitoring system to promote stability in the financial sector following North Korea’s artillery attack on Yeonpyeong Island yesterday. Credit rating agency Moody’s said that North Korea’s attack would not negatively impact Korea’s sovereign credit rating while Fitch maintained Korea’s sovereign rating as A+ with a “stable outlook”. The Government said it will set up a hotline between financial and foreign exchange authorities and commercial banks to detect potential risks in banks’ foreign exchange liquidity, if the situation escalates. It said that if needed, the Government and the Bank of Korea will supply “ample liquidity” in local and foreign currencies to keep the markets stable.
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