Seoul: Finance Minister Koo Yun-cheol said Thursday that financial institutions have sufficient capacity to withstand crisis scenarios despite volatility in financial and foreign exchange markets. Koo made the remarks during a macroeconomic policy meeting attended by Bank of Korea Gov. Shin Hyun-song, as well as the heads of the Financial Services Commission and the Financial Supervisory Service, according to the Ministry of Finance and Economy.

According to Yonhap News Agency, Koo said volatility in financial and foreign exchange markets, including government bond yields and the won-dollar exchange rate, continues amid prolonged conflict in the Middle East. "Stress tests of the financial sector showed that institutions maintain sufficient capacity to respond even in the event of a crisis involving key variables such as oil prices and exchange rates." Koo said.

The finance chief said the authorities will maintain around-the-clock monitoring of financial and foreign exchange markets and take stabilization measures in a timely manner if necessary.