The Bank of Korea has decided to take measures in the case of a sharp increase in volatility in the local financial and foreign currency markets from the imminent raise of interest rates in the United States.

The central bank’s monetary policy board made the decision on Monday after discussing measures on how to deal with the expected rate hike by the U.S. Federal Reserve, whose Federal Open Market Committee is set to meet on Tuesday and Wednesday on the matter.

The BOK vowed to produce market stabilization measures in consultation with the government and financial supervisory authorities if market volatility is deemed excessive.

It also decided to monitor the global financial markets around the clock via its offices in New York, London, Beijing and Tokyo.