In this file photo taken on March 10, 2023, property manager representative passes a sign at Silicon Valley Bank’s headquarters in Santa Clara, California/AFPPix: The collapse of the United States-based Silicon Valley Bank is expected to have a limited impact on the global financial market, although uncertainties will linger amid monetary-tightening moves, reported Yonhap quoting the finance minister on Monday.
“Following reports over the shutdown of Silicon Valley Bank in the US over the weekend, volatilities and uncertainties in the financial market at home and abroad have been escalating,“ Finance Minister Choo Kyung-ho said ahead of a closed-door meeting on export issues. The minister pointed out uncertainties, however, will remain in the global economy due to aggressive monetary tightening moves, adding the government will come up with additional support measures to help exporters.
The government plans to beef up monitoring of the related developments on a real-time basis, and to come up with response mechanisms in cooperation with private companies, though the case has not directly affected exports, the ministry said.
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