S.Korea says may face unprecedented financial, economic crisis

The government in Seoul is taking steps to ensure that credit keeps on flowing into the market.

South Korea’s vice finance minister said on Tuesday the widening fallout from the coronavirus outbreak may lead to unprecedented economic and financial crisis for the country, and vowed to take action to keep credit flowing in the market.

A man wearing a face mask passes by an advertisement showing bank's interest rates during the coronavirus outbreak in Seoul, South Korea. (AP)

“We will keep in mind that we may face an unprecedented economic and financial crisis,” Kim Yong-beom said in a policy meeting.

Kim also said the government will deploy market stabilizing measures in a timely manner and coordinate with the central bank and financial regulators in the process.