South Korea's new finance minister and BOK governor pledge tighter coordination amid global risks

In his inaugural visit to the central bank since taking office, Finance Minister Lee Hyoung-il discussed with Governor Shin Hyun-song how to enhance policy coordination in the face of mounting external challenges. The two agreed that the Korean economy is gaining momentum, supported by strong export performance and investment linked to the ongoing semiconductor supercycle. Nevertheless, they highlighted persistent pressures on citizens' livelihoods due to global interest-rate hikes and geopolitical risks.

Emphasising the growing interconnection of financial, foreign-exchange and property markets, they urged tighter collaboration between the ministry and the BOK. Lee asked for more frequent communication to achieve shared goals of price stability, economic growth and financial stability, while Shin stressed that stable consumer prices and markets are essential for sustainable development in a rapidly changing environment.