Seoul: Finance Minister Koo Yun-cheol on Thursday filed a complaint against the spread of false information alleging that the government would force citizens to sell U.S. dollars, his office said.

According to Yonhap News Agency, the Ministry of Finance and Economy stated that Koo filed charges with police against those who first circulated the misinformation and others who actively helped spread it online. The false reports claimed that the government would invoke an emergency economic order amid the prolonged conflict in the Middle East. They also alleged that authorities would require individuals to sell their U.S. dollar holdings and transfer the proceeds to the state treasury.

Koo emphasized that the government will continue to take firm and decisive action against fake news that disrupts the market. The local currency has shown heightened volatility in recent sessions in line with developments in the Middle East, which have pushed up global oil prices and fueled concerns over inflation and a potential economic slowdown.