Rhee Chang-yong, governor of the Bank of Korea, stated accordingly at a press briefing after the regular meeting of the Bank of Korea's monetary policy committee on the 15th when asked the question, "There is criticism that the government and the Bank of Korea (BOK) have recently injected a lot of liquidity into the market, pushing up the exchange rate and real estate."
Rhee said, "Since taking office as governor, the thing I have paid the most attention to over the past three years is household liability," adding, "For Korea's financial stability, I have continued to argue that household liability must be reduced and have worked (to cut the debt)."
He said, "As a result, the growth rate or level of broad money (M2) has not increased compared with before, and the rising trend has stopped," adding, "Even during my term, M2 did not increase."
He said, "I don't even know how to answer when people say the exchange rate rose because M2 increased without checking the facts," adding, "As this talk spreads, claims are even emerging that the Bank of Korea (BOK) flooded the market with money to raise the exchange rate, which is baffling."
Park Jong-woo, assistant governor of the Bank of Korea (BOK), also reaffirmed the same position. Park said, "After a rapid decline recently, the M2 price is moving at a level below its past average," adding, "The ratio to GDP has also stopped rising and is moving sideways."