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South Korea Implements 24-Hour Financial Monitoring Following Leadership Resignations

Acting Finance Minister Kim Beom-suk leads emergency efforts to stabilize markets and address U.S. tariff challenges during a period of political uncertainty.

Acting Deputy Prime Minister and Finance Minister Kim Beom-suk (2nd from R) poses for a photo during a meeting on macroeconomic and financial issues held in Seoul on May 2, 2025, along with Financial Supervisory Service Gov. Lee Bok-hyun (L), Bank of Korea Gov. Rhee Chang-yong (2nd from L) and Financial Services Commission Chairman Kim Byoung-hwan, in this photo provided by the finance ministry. (PHOTO NOT FOR SALE) (Yonhap)

Overview

  • Finance Minister Choi Sang-mok resigned after an impeachment motion, followed shortly by Prime Minister Han Duck-soo stepping down amid election speculation.
  • Education Minister Lee Ju-ho has assumed the role of acting prime minister to ensure governmental continuity during the leadership transition.
  • Acting Finance Minister Kim Beom-suk and top financial officials have pledged around-the-clock market oversight to mitigate economic volatility.
  • Emergency meetings are addressing U.S. tariff impacts and ensuring swift execution of a 13.8 trillion-won supplementary budget to support the economy.
  • Officials emphasized the importance of maintaining external credibility and minimizing disruptions ahead of the June 3 presidential election.