Finance minister Choo Kyung-ho said on Thursday that the government will continue to closely monitor the local and foreign financial markets amid lingering uncertainties over the monetary policies of major countries.

Choo’s remarks came at the start of a meeting with economy-related ministers after the U.S. Federal Reserve announced on Wednesday that its benchmark rate would remain at the five to five-point-25 percent range, while Fed Chair Jerome Powell said that additional rate hikes are likely this year due to high inflationary pressure.

Minister Choo said that the Fed’s decision did not deviate significantly from the expectations of the market and the South Korean government.

He added, however, that the government will remain vigilant and closely monitor both domestic and global financial markets given existing uncertainties surrounding the monetary policies of major countries, including the U.S.

While assessing the domestic financial market to be “stable in general,” the minister voiced concerns about a rise in delinquency rates in non-banking financial institutions and possible risks in real estate project financing.

The minister said that the government will closely monitor the overall financial market and implement stabilization measures in a timely manner when necessary.