The country's top officials in charge of economic and financial policy will hold an emergency meeting on Sunday to discuss responses to the growing uncertainties and volatility in the market.

Finance Minister Choo Kyung-ho plans to hold an emergency meeting with Bank of Korea Governor Rhee Chang-yong, Financial Services Commission (FSC) chief Kim Joo-hyun, Financial Supervisory Service chief Loo Bok-hyun on Sunday at the Korea Federation of Banks in Seoul.

Senior presidential secretary for economic affairs Choi Sang-mok will also join the meeting, which comes about a month after their previous meeting on September 22.

Participants are expected to share their assessment of the recent market conditions of short-term funding such as corporate bonds and corporate bills. They will also discuss possible ways to stabilize the market.

The emergency meeting comes amid growing volatility in the money market following a default in project financing for the construction of a Legoland amusement park in Gangwon Province. The default prompted the FSC to announce an injection of one-point-six trillion won into the debt market to stabilize the market.