Deputy Prime Minister Lee Hyungil Meets Governor Shin Hyunsong Wearing "Bank of Korea Necktie"... Stresses Enhanced Cooperation

Deputy Prime Minister Lee Visits Bank of Korea Just Six Days After Inauguration, Meets Governor Shin

"Growth Expands, but External Uncertainties Remain High... Livelihood Pressures Continue"

Calls for Stronger Communication and Cooperation t

Lee Hyungil, Deputy Prime Minister and Minister of Finance and Economy, visited the Bank of Korea only six days after taking office, expressing his commitment to communication. Wearing a blue 'Bank of Korea tie' gifted by the central bank, Deputy Prime Minister Lee emphasized that the two institutions are important policy partners that jointly discuss stability and growth for the Korean economy. Shin Hyunsong, Governor of the Bank of Korea, also responded by saying that they should maintain close communication and cooperation to ensure price and financial stability.

On the 28th, Deputy Prime Minister and Minister of Finance and Economy Lee Hyungil (left) visited the Bank of Korea in Jung-gu, Seoul, and took a commemorative photo with Shin Hyunsong, Governor of the Bank of Korea. Photo by Jo Yongjun

On the morning of the 28th, Deputy Prime Minister Lee visited the Bank of Korea in Jung-gu, Seoul, and held a meeting with Governor Shin. This was his first visit to the central bank since his inauguration on the 22nd, just six days earlier. It was explained that the swift meeting took place because both the economic and monetary policy chiefs recognized the need to strengthen communication and cooperation in light of heightened volatility in the financial markets and increased external uncertainties.

During their meeting, Deputy Prime Minister Lee and Governor Shin agreed that, while export and investment indicators have been strong lately, supported by a boom in the semiconductor industry, and the country’s growth momentum has been expanding, significant external uncertainties remain due to rising interest rates in major economies and various geopolitical risks. Domestically, they also acknowledged that the public continues to bear economic burdens. Both sides agreed that the interconnections between the financial, foreign exchange, and real estate markets have increased. They emphasized the need to take a comprehensive view of the overall economy rather than focusing solely on macroeconomic indicators. They also agreed to further strengthen cooperative frameworks to respond proactively to potential risk factors.

Deputy Prime Minister Lee stated, “To achieve our shared objectives of controlling inflation, supporting growth, and maintaining financial stability, I would like us to maintain close communication through various means and discuss ways to coordinate in developing the optimal policy mix.” He added, “We should also strengthen collaborative frameworks to comprehensively review market volatility and the interconnections among the financial, foreign exchange, and asset markets, as well as to identify and respond to risks at an early stage.” He continued, “Over the longer term, I hope we will also work together on future tasks such as the internationalization of the Korean won and digital finance, as well as on ways to raise our potential growth rate and spread the benefits of growth across the economy. I hope today’s meeting serves not only as an introductory gathering, but as a catalyst for further collaboration between the government and the Bank of Korea.”

On the 28th, Lee Hyungil, Deputy Prime Minister and Minister of Strategy and Finance, visiting the Bank of Korea in Jung-gu, Seoul (left), finished taking a commemorative photo with Shin Hyunsong, Governor of the Bank of Korea, and is moving on.

Governor Shin said, “The Bank of Korea’s recent monetary policy responses, including the consecutive base rate increases in July and August, aim to curb demand-side inflationary pressures, while also bolstering confidence in our economy and thereby stabilizing the exchange rate and alleviating cost pressures. I believe this will help reinforce the fundamentals of the domestic economy.” He assessed that, together with the government’s macro-prudential policies, these measures will also help ease financial imbalances. He noted, “The Bank of Korea’s efforts to ensure macroeconomic stability, alongside the government’s policies to boost growth potential, will serve as a key pillar supporting the foundation for Korea’s sustainable economic growth.”

Governor Shin continued, “From this perspective, close cooperation and communication between the government and the Bank of Korea are more important than ever. As each side diligently fulfills its responsibilities, we must share our assessments of the economic situation, maintain close communication whenever necessary, and work together to enhance the complementarity of our policies.” He added, “As the Deputy Prime Minister has personally handled a variety of economic challenges over the years, I hope we can continue to exchange views on various issues and cooperate as needed going forward.”

Both sides agreed to use this visit as an opportunity to strengthen not only existing channels of cooperation—such as periodic market situation review meetings—but also to continue communication and collaboration through a variety of channels in the future.

This content was produced with the assistance of AI translation services.