[2020 National Audit] Lee Ju-yeol "Issuance of Local Currency Has No Impact on Monetary Policy"
October 16 National Assembly Planning and Finance Committee 'Bank of Korea National Audit'
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[Asia Economy Reporter Jang Sehee] Lee Ju-yeol, Governor of the Bank of Korea, recently addressed the controversy surrounding the issuance of local currency, stating, "Considering the scale and nature of local currency, I believe it will have no impact on monetary policy."
Governor Lee made these remarks on the 16th during the National Assembly's Planning and Finance Committee audit.
In response to a question from Jo Hae-jin, a member of the People Power Party, asking, "Does the issuance of local currency affect monetary policy?" he replied, "Local currency is not a store of value and is not widely used, so it is difficult to compare it to money."
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Regarding the economic effects of local currency, he said, "Local currency has positive functions such as supporting vulnerable groups and small business owners," adding, "We have not conducted a detailed analysis of its impact on other regions." He further stated, "We will examine the effects or limitations of local currency in the future."
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