Bank of Korea(BOK) Gov. Rhee Chang-yong said concern about a foreign exchange crisis stemming from the impeachment of President Yoon Suk Yeol is “excessive.”

At a meeting of the National Assembly’s Strategy and Finance Committee on Tuesday, Rhee said while a foreign exchange crisis involves the inability to pay back foreign debts, the country currently is a creditor country with a currency market that functions well.

Finance Minister Choi Sang-mok, who also attended the meeting, said South Korea ranks ninth in the world in terms of foreign exchange holdings and that the International Monetary Fund also considers the country a net foreign creditor.

The BOK chief said he expects the impeachment to have a limited impact on the domestic economy so long as economic policy remains separate from politics, as it did after the other two impeachments in the nation’s modern history.

But he warned of changes in the international environment.