Kim Juhyun, Financial Services Commission Chairman, Holds First Meeting with Lee Changyong, Bank of Korea Governor

Kim Ju-hyun, Chairman of the Financial Services Commission (right), and Lee Chang-yong, Governor of the Bank of Korea, held their first meeting on the afternoon of the 18th at the Bank of Korea in Jung-gu, Seoul, agreeing to strengthen cooperation between the two institutions to ensure harmonious operation of monetary and financial policies.

[Asia Economy Reporter Song Hwajeong] Kim Juhyun, Chairman of the Financial Services Commission, held his first meeting with Lee Changyong, Governor of the Bank of Korea, and agreed to strengthen policy cooperation to stabilize the macroeconomy and markets.

According to the Financial Services Commission on the 18th, Chairman Kim and Governor Lee met in the afternoon at the Bank of Korea. During the meeting, they agreed to make every effort to secure macroeconomic and market stability through proactive policy responses to the current economic and financial conditions, including accelerating inflation, increased downside risks to the economy, and expanded volatility in financial and foreign exchange markets.

First, they decided to strengthen cooperation between the two institutions to ensure that monetary policy and financial policy operate harmoniously. They also agreed to continuously conduct joint inspections of financial sector-specific and systemic risks to promptly implement market stabilization measures if market volatility significantly expands.

Additionally, Chairman Kim and Governor Lee pledged to work together to reduce the burden on vulnerable sectors such as vulnerable borrowers and marginal companies, ensuring that potential non-performing loans in these sectors do not threaten financial market stability and soundness. They also committed to thoroughly improving the structure and quality of household debt. Alongside this, they agreed to closely examine the ripple effects of the digitalization of the financial industry and actively cooperate in identifying and responding to new risk factors.

Furthermore, the two heads of institutions agreed to regularly create opportunities for candid meetings and to strengthen communication channels among working-level staff going forward.

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