South Korea will convene a macroeconomic and financial policy meeting right after the U.S. Federal Reserve makes a decision on interest rates, a finance ministry official said Thursday.
  

After a two-day meeting, the Federal Open Market Committee is scheduled to announce its interest rate decision Friday morning (Seoul time).
  

"The overnight decision by the FOMC is expected to have a far-reaching impact regardless of whether key rates are marked up or remain pat," the official said. "Because analysts are divided on what actions will be taken by the committee, the government will be ready to respond to all scenarios."
  

Vice Finance Minister Joo Hyung-hwan will chair the policy meeting, which will also be attended by senior officials from the Bank of Korea, the Financial Services Commission, the Financial Supervisory Service, the Korea Center for International Finance and related agencies, he said.
  

Other government officials also said Seoul is keeping close tabs on the pace of change, and general policy direction that will be pursued by the Fed in the coming months.
  

A U.S. rate hike is feared to fuel financial volatility and result in outflows of capital from emerging markets. Such a development can impact trade and pose problems for an export-driven economy like South Korea.
  

"Even if interest rates are raised, the overall effect on the financial market will vary significantly depending on scope and future policy decisions," another official said. (Yonhap)