The South Korean government said Friday that it will swiftly take actions to stabilize the local foreign exchange market if it fluctuates severely due to the result of the British referendum on the U.K.'s European Union membership.

During an emergency macroeconomic finance meeting, Vice Finance Minister Choi Sang-mok said if a so-called Brexit is realized, then the Seoul government will follow step-by-step contingency plans and expand its market monitoring by immediately mobilizing a pan-government monitoring team to keep close tabs on the financial market.

Choi also said the government will watch the economy and financial market round-the-clock until the situation is stabilized.

Regarding the result of the referendum, Choi only said he will keep a vigilant watch on the related news until the British government announces the result.

The vice finance minister said a Brexit will have a limited direct impact on the local economy, citing South Korea has low exposure to Britain in terms of trade.

However, he noted South Korea can be affected indirectly through the rising fluctuations of the international financial market, adding that he will keep in mind every possible contingency scenario and respond to it swiftly.

Polls for the referendum closed at 6 a.m. Friday, South Korean time, and result are expected sometime in the afternoon.