Seoul: South Korea's financial system remains resilient despite a series of negative events at home and abroad, the country's financial watchdog chief said Tuesday, adding that market uncertainties will ease down the road. In a meeting with heads of foreign financial companies operating here, Lee Bok-hyun, governor of the Financial Supervisory Service, said the country's economic fundamentals remain sound despite political and economic woes that have a limited impact on the soundness of financial firms here.

According to Yonhap News Agency, Lee stated, "We will also improve the supervisory system to secure the financial stability in advance and strive to put it in line with the global standard." He also vowed to enhance the market monitoring system to prepare for market volatility. In response, the participants noted that the recent political chaos resulting from impeached President Yoon Suk Yeol's short-lived martial law declaration is expected to stabilize given the country's track records.

The Korean won is anticipated to remain weak in the face of a strong U.S. dollar and expected rate cuts by the Bank of Korea, as per the meeting participants. They also emphasized the importance of the financial authorities maintaining their policies, such as the corporate value-up scheme and the planned resumption of stock short-selling slated for March.