Seoul: The government has announced its intention to take firm actions, including pursuing legal avenues, against those spreading fake news and rumors that exploit the current market volatility, a senior finance ministry official declared.

According to Yonhap News Agency, Moon Ji-sung, who serves as the deputy minister for international economic affairs, highlighted the seriousness of spreading baseless fake news during periods of crisis. He noted that such actions could exacerbate market anxiety and erode trust in government policies. Moon made these remarks while leading a meeting of the task force focused on illegal foreign exchange transactions.

The deputy minister also emphasized the need for relevant agencies to act decisively, urging them to report immediately to the task force and to file necessary complaints with law enforcement authorities. This directive comes in the wake of Finance Minister Koo Yun-cheol's complaint over false reports circulating about the government's intentions.

The reports in question falsely claimed that the government would compel citizens to sell their U.S. dollar holdings, invoking an emergency economic order due to ongoing conflict in the Middle East. These claims suggested that individuals would be required to liquidate their dollars and transfer the proceeds to the state.

Adding to the tension, the domestic currency has experienced heightened volatility following military actions by the U.S. and Israel against Iran in late February. These events have led to a surge in global oil prices, sparking fears of inflation and a looming economic downturn.