Lee Chang-yong, Candidate for BOK Governor, "High Uncertainty... Thorough Monetary Policy and Risk Management"

[Asia Economy Reporter Seo So-jeong] "In a situation with high uncertainty, we will do our utmost in monetary policy and risk management."

Lee Chang-yong, the nominee for Governor of the Bank of Korea, stated this in his departure remarks sent to the Washington correspondent group on the 28th (local time), saying, "The uncertainty of recent external conditions has greatly increased." He will board a flight to Korea on the 29th.

Lee expressed concern, saying, "In the short term, due to the normalization of U.S. interest rate policy, the spread of Omicron, the Russia-Ukraine war, and the slowdown of the Chinese economy, inflation and economic risks are simultaneously expanding, making it difficult to gauge the impact."

He added, "We plan to carefully consider the balanced impact of changes in external conditions on growth, inflation, and financial stability, and work with the Monetary Policy Committee to thoroughly manage monetary policy and risks."

Lee also evaluated, "Insight into how the broader international order, including relations between the U.S., China, and Russia, will change in the mid to long term has become even more important."

Lee was nominated as the next Governor of the Bank of Korea on the 23rd while serving as the Director for Asia and the Pacific at the International Monetary Fund (IMF) in Washington. He previously served as a professor in the Department of Economics at Seoul National University, Vice Chairman of the Financial Services Commission, and Senior Economist at the Asian Development Bank (ADB), and in 2014, he became the first Korean to hold a senior position at the IMF.

This content was produced with the assistance of AI translation services.