Bank of Korea Governor Lee Chang-yong expressed strong support for Acting President Choi Sang-mok's appointment of two constitutional judges, rebuking some cabinet members who criticized Choi's decision, saying they should "speak with consideration for the economy."
Governor Lee, after a New Year's meeting with reporters at the Bank of Korea annex in Jung-gu, Seoul, said, "When those responsible for government policies criticize, how do they intend to convey the message that our economic management should be separated from the political process?"
Previously, on Dec. 31, during a Cabinet meeting, Acting President Choi appointed two of the three constitutional court justice candidates recommended by the National Assembly, leading to opposition from figures like Minister of Employment and Labor Kim Moon-soo and Broadcasting and Communications Commission Acting Chairperson Kim Tae-kyu. Governor Lee's remarks seemed to criticize those who opposed while defending Choi's actions.
Governor Lee stated, "Internationally, it is viewed that the government has managed the foreign exchange and financial markets well and stabilized them in the short term," adding, "However, if there is another impeachment, credit ratings would be affected, and once a credit rating is downgraded, it is very difficult to raise it again." He continued, "Credit ratings are not determined by us but are judged abroad, so we must consider how our decisions are viewed internationally."
Governor Lee commented, "(Acting President Choi's decision) will send a message that the risk of impeachment of a leadership overseas has significantly decreased, allowing us to initiate agreement among the ruling and opposition parties and establish a foundation for economic stability." He added, "It seems that Acting President Choi did very well by making such a decision despite the criticism."
Regarding the January interest rate decision, Lee noted, "Since the last decision, sentiment data has been coming out quite negatively, so we will decide by assessing whether consumer data deteriorates as much as sentiment and how government decisions impact the foreign exchange market," and pointed out, "Currently, nothing has been decided."
In conclusion, he expressed, "I am looking forward to seeing how the exchange rate situation will develop over the next week," emphasizing, "It is crucial to quickly demonstrate that the economy proceeds separately from the political process by convincing major international institutions."