Lee Chang-yong, Governor of the Bank of Korea, Holds First Financial Council with Top 10 Bank CEOs Today

Lee Chang-yong, Governor of the Bank of Korea, is answering reporters' questions after explaining the results of the Monetary Policy Committee meeting held on the 26th at the Bank of Korea briefing room in Jung-gu, Seoul.
[Photo by Yonhap News]

Lee Chang-yong, Governor of the Bank of Korea, will hold a financial council meeting with major domestic bank presidents for the first time since his inauguration on the afternoon of the 30th.

The Bank of Korea announced that Governor Lee is scheduled to hold the financial council meeting at 6 p.m. at the Bankers' Hall in Jung-gu, Seoul.

The financial council meeting will be attended by Kim Kwang-soo, Chairman of the Korea Federation of Banks, and the presidents of 10 domestic banks including KB Kookmin, Shinhan, Hana, Woori, IBK Industrial, NH Nonghyup, Export-Import, Korea Citi, SC First, and SH Suhyup.

The financial council meeting is a regular event held twice a year where the Bank of Korea governor discusses current economic and financial issues with major bank presidents, but it has not been held since November 2019 due to the spread of COVID-19.

On this day, Governor Lee plans to directly brief on the background of the May monetary policy direction decision and key issues discussed at the Monetary Policy Committee, and discuss major financial and economic issues amid expanding domestic and international uncertainties.

Earlier, the Bank of Korea's Monetary Policy Committee raised the base interest rate by 0.25 percentage points to 1.75% on the 26th. Governor Lee held a press conference immediately after the regular Monetary Policy Committee meeting, pointing out the steep rise in inflation and stating, "It is necessary to operate monetary policy with a greater focus on inflation for the time being."

However, concerns have been raised in the market that the increase in the base interest rate will lead to higher loan interest rates, increasing the interest burden on borrowers with variable rates. The Bank of Korea explained, "The Bank of Korea plans to continue strengthening communication with the financial sector through various communication channels such as the financial council meeting."

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