First vice finance minister Kim Byoung-hwan says the government will maintain complete preparedness for any possibilities that might emerge amid extremely high uncertainties stemming from the Israel-Hamas.

Kim made the remark on Thursday during an emergency meeting on the economy.

He said the government will monitor the financial and foreign exchange markets as well as real economic conditions around-the-clock while reviewing response plans for various scenarios to take immediate action if deemed necessary.

The government plans to boost efforts to manage inflation, including keeping a close eye on any rise in petroleum prices that could result from expanded volatility in global oil prices.

Kim was quick to add, however, that the impact on the global financial market from the volatility in oil prices has been limited so far.