Home > Business > Finance

BOK holds special task force meeting over possible market volatility due to Iran crisis

Published: 03 Mar. 2026, 20:04

People gather next to a damaged building around Ferdowsi Square after an airstrike in central Tehran on March 3. [EPA/YONHAP]

The Bank of Korea (BOK) held a special task force meeting on Tuesday to assess the impact of the ongoing Middle East conflict on financial markets and discuss response measures against possible market volatility.

During the meeting, presided over by BOK Gov. Rhee Chang-yong, officials discussed the impact of the joint attack by the United States and Israel on Iran over the weekend on domestic and global markets and the economy, with a focus on response plans under various scenarios, according to the central bank.

“We will closely assess market developments by enacting a round-the-clock monitoring system in cooperation with our overseas offices and stand ready to take appropriate action if needed,” the BOK said in a release.

On Saturday, the United States and Israel launched a large-scale joint military operation against Iran and killed Iranian Supreme Leader Ayatollah Ali Khamenei.

The conflict has widened across the region, as Israeli forces struck targets in Lebanon after Hezbollah launched attacks on Israel, and Iran continued retaliatory strikes against Gulf states that host U.S. military bases, according to foreign media reports.

The Kospi plunged 452.22 points, or 7.24 percent, to 5,791.91 on Tuesday amid hefty foreign selling, marking the largest single-day drop — in terms of points — in history.

The won fell to a one-month low of 1,466.1 per dollar.

Due to rising volatility, the Financial Supervisory Service activated an emergency team to monitor markets and implement policy measures while operating a hotline connecting overseas offices and local financial subsidiaries, according to its officials.

The agency also expanded reporting channels for small- and mid-sized companies and households affected by market instability and strengthened internal safeguards against cyberattacks and market manipulation, they added.

Yonhap