Prime Minister Kim Min-seok held a meeting on economic issues with Bank of Korea (BOK) Governor Rhee Chang-yong on the morning of the 9th. It is unusual for the prime minister to meet separately with the BOK governor. Until now, citing the independence of currency policy, BOK governors have been reluctant to appear in public with senior government officials.
According to the prime minister's office, the meeting was held at Kim's suggestion. The meeting reportedly ran for about an hour from 7:30 a.m. that day.
In a press release, the prime minister's office said, "Prime Minister Kim and Governor Rhee exchanged views on the recent economic and financial situation." Rhee shared his analysis of recent economic growth, prices, and exchange-rate trends, and Kim mainly listened.
Kim told Rhee that "cooperation between the BOK and the government is important for market stability, including stabilizing the exchange rate and prices." He then said, "Let's continue to communicate closely and cooperate on the pressing issues ahead."
In response, Rhee Chang-yong said, "The Bank of Korea will continue structural reform research not only for short-term economic stability but also to expand medium- to long-term growth potential, and will further strengthen communication and cooperation with the government."
Meanwhile, the BOK recently launched a "four-party consultative body for exchange-rate stabilization" together with the Ministry of Economy and Finance, the National Pension Service, and the Ministry of Health and Welfare. As the won-dollar exchange rate rose from the 1,360-won range in June to just below 1,480 won recently, the government decided to draw up countermeasures at the government level, and the BOK agreed to join.