Heads of Fiscal and Monetary Authorities to Hold First Meeting on the 16th... To Review Inflation and Exchange Rates

[Asia Economy Reporter Seo So-jung] The newly appointed heads of fiscal and monetary authorities will hold their first meeting to review domestic and international economic conditions such as inflation and exchange rates.

According to the Ministry of Economy and Finance and the Bank of Korea on the 15th, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho and Bank of Korea Governor Lee Chang-yong will have a breakfast meeting at 7:30 a.m. on the 16th. This will be the first official meeting between the heads of the fiscal and monetary authorities.

At this meeting, Deputy Prime Minister Choo and Governor Lee are expected to exchange views on recent inflation, monetary policy responses of various countries, and the increased volatility in financial and foreign exchange markets due to the prolonged Ukraine crisis.

They are also expected to discuss the tone and direction of the new government's economic policy, monetary policy outlook, and the impact of the second supplementary budget on the economy.

With the recent sharp rise in the won-dollar exchange rate, discussions on related countermeasures are also anticipated. As the need for a Korea-US currency swap agreement to stabilize the foreign exchange market has been raised, it is analyzed that related discussions may take place during this meeting.

A Bank of Korea official stated, "This meeting will cover introductory greetings, sharing of economic situation awareness, and ways to strengthen policy cooperation."

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