South Korean Finance and Economy Minister Lee Hyoung-il met Bank of Korea (BOK) Gov. Shin Hyun-song on Monday, Sept. 28, to discuss stronger coordination in addressing economic uncertainty, the ministry said. Lee, who took office last week, was making his first visit to the central bank since his appointment.
The two policymakers shared the view that South Korea’s economic growth is gaining momentum, supported by strong export and investment indicators during a semiconductor upcycle. At the same time, they noted persistent pressure on people’s livelihoods amid heightened uncertainty abroad.
They cited interest-rate increases in major economies and geopolitical risks among the external challenges. Financial, foreign-exchange and property markets are becoming increasingly interconnected, they said, underscoring the need for closer cooperation between the ministry and the BOK to address risks preemptively.
Lee called for more communication between the institutions in pursuit of their shared goals of price stability, economic growth and financial stability. Shin emphasized that stable consumer prices and financial markets are essential to macroeconomic stability and to laying the groundwork for sustainable growth in a rapidly changing environment.