Lee Okwon pledges to crack down on fake news and price manipulation in the Middle East

Financial authorities are taking steps to address concerns about increased volatility in the financial markets in the wake of the U.S. airstrike on Iran. A zero-tolerance policy will be enforced to combat unfair practices like fake news and market manipulation. This decision comes as worries about the impact of the Middle East crisis on financial stability grow. The government is also pledging significant financial support for exporters, particularly small and medium-sized businesses operating in the Middle East.

Eogwon Lee, Chairman of the Financial Services Commission, led a meeting on March 3 to review the financial market situation in relation to the Middle East turmoil. Participants acknowledged the potential for heightened volatility in the financial markets, which could affect stock prices and exchange rates. Despite these uncertainties, Chairman Lee expressed confidence in the resilience of the domestic economy and financial markets. He urged market participants to make informed decisions based on trust in the country’s economic fundamentals.

Following the U.S. airstrike on Iran, the financial authorities activated a market stabilization program to the tune of over 100 trillion won. Chairman Lee emphasized the need to crack down on unfair trading practices that exploit investor anxiety, as such actions can disrupt market integrity and erode trust. Measures will be taken to monitor and address any form of market manipulation or dissemination of fake news with a zero-tolerance approach.

In addition to measures aimed at market stability, the government announced financial support totaling 13.3 trillion won for small and medium-sized exporters affected by the Middle East crisis. This support program, operated by Korea Development Bank, Industrial Bank of Korea, and Korea Credit Guarantee Fund, includes funding assistance and interest rate relief. Chairman Lee highlighted the importance of operating counseling centers to ensure that affected companies can access support efficiently.

Looking ahead, the Financial Services Commission will establish a task force to monitor the Middle East situation closely and share updates with relevant agencies until financial market stability is restored. The commission will continue its 24-hour monitoring system to address any emerging challenges promptly. The commitment to financial stability and support for affected businesses underscores the government’s dedication to ensuring the resilience of the domestic economy in the face of external uncertainties.