The nation’s top economic and financial authorities have vowed to set up a joint system to preemptively respond to macroeconomic risk factors that could emerge with high interest rates both at home and abroad. 

The agreement came on Monday during a meeting attended by Finance Minister Choo Kyung-ho, Bank of Korea Governor Rhee Chang-yong, Financial Services Commission Vice Chairman Kim So-young, Financial Supervisory Service Governor Lee Bok-hyun and Senior Presidential Secretary for Economic Affairs Choi Sang-mok.

Participants said they agreed to closely monitor and jointly respond to key issues as current economic conditions are expected to continue for quite some time. 

In particular, the officials expressed concerns over macroeconomic risk factors as the central bank is highly likely to raise the nation’s key interest rate during its regular meeting next Wednesday. 

The official said they will keep a close eye on the debts of vulnerable borrowers, the soundness of financial institutions and the status of funds businesses.