Taxes levied on stock trades in South Korea may be reduced amid escalating fears of a recession, according to the head of the country's Financial Services Commission (FSC), Jun Kwang-woo.
Mr Woo's plan - which was announced on Thursday - is thought to have arisen after figures released earlier in the week showed a 7.24% decline in the Korea Composite Stock Price Index (KOPSI).
Woo is hoping the tax cut will increase the opportunities for trade and investment both in and out of the country.
Mr Woo has predicted that a tax cut alone will not be enough to reverse the damage done by the current global financial turmoil.
Financial experts have agreed that, due to the current pressure on banks, Korea's financial markets will suffer some instability in the coming months as worries about a recession increase.
Mr Woo remarked:
"The current situation will go on for a while and will continue at least through the first half of next year. Problems with foreign currency liquidity have been worsening."
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