Bank of Korea Governor Shin Hyun-song emphasizes the necessity of a key rate hike at the July 16 meeting to combat rising inflation, driven by the Middle East war and a weakening Korean won, despite a solid economic growth backed by semiconductor exports.
SEOUL, May 8 (Yonhap) -- Bank of Korea (BOK) Gov. Shin Hyun-song will depart for...
New Bank of Korea Governor Shin Hyun-song and Finance Minister Koo Yun-cheol agreed Thursday to strengthen policy coordination amid heightened market volatility from the Middle East crisis. The officials cited rising risks to growth and inflation from the conflict and pledged to stabilize financial and foreign exchange markets. They also vowed to promote won internationalization through 24-hour FX trading and offshore won settlement systems.
New Bank of Korea Governor Shin Hyun-song and Finance Minister Koo Yun-cheol agreed Thursday to strengthen policy coordination amid heightened market volatility from the ongoing Middle East crisis. The officials underscored the need for coordinated monetary and fiscal policies given tensions between growth and inflation, with particular focus on foreign exchange market coordination.
New Bank of Korea governor Shin Hyun-song supported CBDCs and deposit tokens in his first address, while stablecoins were notably absent from his remarks.
New Bank of Korea Gov. Shin Hyun-song was inaugurated Tuesday, vowing cautious monetary policy amid heightened uncertainties from the Middle East crisis. Taking over from Rhee Chang-yong, Shin cited rising oil prices pressuring inflation and growth, along with financial market volatility. The BOK held its benchmark rate at 2.5% for the seventh consecutive meeting earlier this month.
New Bank of Korea Gov. Shin Hyun-song was inaugurated Tuesday, vowing to pursue prudent and cautious monetary policy amid heightened uncertainties from the Middle East crisis. Shin succeeds outgoing Gov. Rhee Chang-yong for a four-year term. He warned that rising global oil prices from the Middle East war are increasing upward pressure on inflation while exerting downward pressure on economic growth, with heightened financial market volatility and accumulating financial imbalances persisting.
South Korea's National Assembly strategy and finance committee adopted the confirmation hearing report for BOK Governor-designate Shin Hyun-song on Monday, clearing the way for his official appointment. The decision came despite opposition lawmakers raising allegations about Shin's daughter, a British national, being illegally re-issued a South Korean passport. This marks the first time since 2014 that a confirmation hearing report for a BOK chief nominee was not adopted on the day of the hearing. Outgoing Gov. Rhee Chang-yong completed his four-year term earlier the same day.
