South Korea to Monitor SVB Fallout on Local Markets, Economy

South Korea will closely watch for signs of impact on its financial markets and economy from the collapse of Silicon Valley Bank, the nation’s finance ministry said Sunday after a meeting of senior officials.

The possibility of higher volatility and uncertainties can’t be ruled out, though most officials at the gathering agreed it won’t likely develop into a systemic risk, according to a statement from the finance ministry. The situation calls for round-the-clock monitoring and prompt response, it said.