Finance minister, BOK chief stress coordination to address uncertainties
Finance Minister Lee Hyoung-il, left, poses with Bank of Korea (BOK) Gov. Shin Hyun-song at BOK headquarters in Seoul, Monday. Courtesy of Ministry of Finance and Economy
Korea's finance minister met with the central bank governor Monday to discuss ways to strengthen coordination to address economic uncertainties, the finance ministry said.
Finance Minister Lee Hyoung-il, who took office last week, held talks with Bank of Korea (BOK) Gov. Shin Hyun-song during his first visit to the central bank since taking office, according to the Ministry of Finance and Economy.
During the meeting, the two policymakers shared the view that Korea's economic growth is gaining momentum, supported by strong export and investment indicators amid the semiconductor supercycle.
Lee and Shin, however, noted persistent pressure on people's livelihoods amid heightened external uncertainties, including interest rate hikes in major economies and geopolitical risks.
The two men said financial, foreign exchange and property markets are becoming increasingly interconnected, stressing the need for closer cooperation between their institutions to address economic risks preemptively.
To this end, Lee called for greater communication between the finance ministry and the BOK to pursue their shared goals of price stability, economic growth and financial stability.
In response, Shin emphasized the importance of maintaining macroeconomic stability through stable consumer prices and financial markets to lay the groundwork for sustainable growth in a rapidly changing environment.