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S.Korean president convenes emergency meeting on countermeasures for financial turmoil

(Xinhua)
Updated: 2008-10-26 09:08

SEOUL -- South Korean President Lee Myung-bak on Sunday convened an emergency meeting of top economic policy planners to discuss countermeasures against the financial turmoil, the Presidential Office said.

The meeting was held to discuss measures to address panic in the nation's foreign currency and stock markets and is set to continue through lunchtime, South Korea's Yonhap News Agency said.

Lee and his advisers is expected to discuss how to calm the psychological unrest and implement a proper mix of policies to restore confidence across the board, Yonhap said.

South Korean Prime Minister Han Seung-soo, Finance Minister Kang Man-soo, Bank of Korea Governor Lee Seong-tae, Financial Services Commission Chairman Jun Kwang Woo and Bahk Byung-won, senior presidential secretary for economic policy, participated in the meeting, the Presidential Office said.

Lee, who returned home Saturday night after attending the Asia- Europe Meeting (ASEM) summit in Beijing, will seek follow-up measures to a number of bilateral and multilateral agreements reached at the ASEM summit as part of efforts to fight the world financial crisis, officials of the Presidential Office said.

South Korea's benchmark Korea Composite Stock Price Index plummeted 110.96 points, or 10.57 percent, to 938.75 on Friday, dropping below the 1,000-mark for the first time since June 30, 2005.

The local currency closed at 1,422 won to one dollar on Friday. The Korean currency won has declined almost 34 percent to the greenback so far this year.