Economic volatility 'somewhat' eases after U.S.-Iran ceasefire: finance minister

finance minister-US ceasefire

Economic volatility 'somewhat' eases after U.S.-Iran ceasefire: finance minister

By Kim Han-joo

SEOUL, April 9 (Yonhap) -- Finance Minister Koo Yun-cheol said Thursday that volatility in the financial and foreign exchange markets has "somewhat eased" following a two-week ceasefire between the United States and Iran.

Following the announcement that U.S. President Donald Trump would suspend strikes on Iran for two weeks, South Korean stocks surged nearly 7 percent on Wednesday, while the Korean won strengthened sharply against the U.S. dollar.

"Amid the recent two-week ceasefire in the Middle East conflict, volatility in the financial and foreign exchange markets appears to have somewhat eased," Koo said while presiding over a ministerial-level meeting on stabilizing consumer prices.

Nonetheless, the government will remain vigilant and continue to focus on maintaining macroeconomic stability at home and abroad, he added, according to the finance ministry.

Koo also stressed that the government will make every effort to ease the burden on people's livelihoods by improving distribution structures for essential goods, while addressing difficulties faced by businesses and establishing a fair market order, the ministry said.

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