Bank of Korea Governor Holds First Meeting with Bank CEOs Since Taking Office: "Heard Many Insights from the Field"

Leaders of 16 Regular Member Institutions of Korea Federation of Banks in Attendance
Wide-ranging Discussions on Household Loans, Price Stability, and More

Shin Hyun-song, Governor of the Bank of Korea, sat down for the first time since taking office with CEOs of major domestic banks to discuss pressing financial sector issues, including household debt.

Yonhap News

On the afternoon of September 28, Shin visited the Bankers' Club in Jung-gu, Seoul, where he attended a meeting with Cho Yong-byeong, Chairman of the Korea Federation of Banks, and the heads of 16 member institutions.

It is reported that the meeting covered a number of topics, including household lending—currently a key focus in the banking sector—as well as price stability and stablecoins. In particular, there were discussions on how to manage household debt amid growing interest burdens for borrowers caused by recent policy rate hikes.

The participants also likely shared views on the digital transformation of finance. Since last year, the Bank of Korea has been conducting 'Project Han River,' a real-world test of deposit tokens based on central bank digital currency (CBDC) in collaboration with commercial banks. The second phase of the test is scheduled to begin soon.

Governor Shin is reportedly supportive of a future financial system underpinned by the trust provided by the central bank.

However, following the meeting, Shin refrained from commenting in detail about the discussions. He told reporters, "I heard a lot of stories from the field, and the bank CEOs provided many insights that could inform policy. There was a wide-ranging discussion."

Chairman Cho said, "This was a meeting where Governor Shin asked about how things are going on the ground and areas of interest, and the bank CEOs responded. Household debt was one of the subjects discussed, and given Governor Shin's keen interest in conditions on the ground, he actively listened to related opinions."

Meanwhile, earlier in the day, Governor Shin also held talks with Lee Hyung-il, Deputy Prime Minister and Minister of Economy and Finance, who visited the Bank of Korea.

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