South Korea's top economic policymaker has vowed all efforts to minimize economic fallout from the new coronavirus and draw up additional emergency measures to assist affected businesses.

Finance Minister Hong Nam-ki, who on Friday held a meeting with Bank of Korea(BOK) Governor Lee Ju-yeol, said Seoul will continue to introduce measures by sector and type of business.

Hong said they will keep tabs on volatility in financial markets, which have somewhat stabilized, while preparing contingency plans for a prompt response.

The minister also urged the South Korean public to carry on with "normal economic activities," saying excessive fear and anxiety about the virus has drastically reduced consumer sentiment.

The central bank said it is drawing up a financial support plan for the domestic service industry and manufacturing sector, both of which have already taken hits from the virus outbreak.

Governor Lee said the BOK plans to continue managing enough liquidity in the market so companies can secure sufficient funds, hinting at the possibility of a rate cut down the road.