Gov't vows stern action against market-disruptive fake news amid heightened volatility

▲ The Ministry of Finance and Economy (Yonhap)

govt-market irregularities

Gov't vows stern action against market-disruptive fake news amid heightened volatility

By Kim Han-joo

SEOUL, April 3 (Yonhap) -- The government will take stern measures, including legal means, against malicious activities aimed at taking advantage of recent market volatility through the spread of fake news and rumors, a senior finance ministry official said Friday.

"Spreading unfounded fake news in a time of extraordinary crisis is a serious matter that can fuel market anxiety and undermine trust in policy," Moon Ji-sung, deputy minister for international economic affairs, said while presiding over a meeting of the task force on illegal foreign exchange transactions.

The official also urged relevant agencies to take strict action, calling for immediate reporting to the task force and filing complaints with police.

On Thursday, Finance Minister Koo Yun-cheol filed a complaint over false reports, claiming the government would force citizens to sell U.S. dollars.

The reports alleged that the government would invoke an emergency economic order amid the prolonged Middle East conflict and require individuals to liquidate their U.S. dollar holdings and transfer the proceeds to the state.

The domestic currency has shown increased volatility since U.S. and Israeli strikes on Iran in late February, which have pushed up global oil prices and fueled concerns over inflation and a potential economic slowdown.

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