Official announcements from the Bank of Korea or reports from financial news agencies

South Korean President Yoon Faces Impeachment for Treason After Eight-Hour Martial Law

Dec 4, 2024, 03:12 AM

South Korean President Yoon Suk-yeol briefly imposed martial law for eight hours, shocking the nation before rescinding the decision. Yoon justified the drastic measure as necessary to protect the country from 'communist forces' amid parliamentary wrangling over a budget bill. The opposition party is now seeking to impeach him, accusing him of treason and rebellion and urging him to resign or face impeachment. Lawmakers from both the ruling and opposition parties applauded when the resolution to revoke the emergency martial law was passed in the early hours of Wednesday. The unexpected move has triggered the biggest political crisis South Korea has faced in decades, with angry citizens rallying against Yoon's actions. In response to the turmoil, the Bank of Korea pledged to take steps to stabilize financial markets.