South Korea’s Finance Minister Choo Kyung-ho said the country’s financial market remains stable despite the failures of two US banks. US regulators shut down Silicon Valley Bank (SVB) in the largest failure of a US bank since the 2008 financial crisis. It was followed by the collapse of the New York-based Signature Bank. Choo said the situation will have a limited impact on the South Korean market. He said that local financial institutions have different asset and debt structures compared with SVB. They have a strong liquidity and hold sufficient fundamentals to withhold a temporal shock. Choo, however, said the latest US bank collapses may lead to further uncertainties in the financial market, as global inflation has not yet been brought under control.
top of page
bottom of page