Lee Chang-yong: "Jackson Hole Meeting Is More Newsworthy Than Monetary Policy Committee"

On the 24th, just before the regular Financial Monetary Committee meeting and a day ahead of the US 'Jackson Hole Meeting,' Lee Chang-yong, Governor of the Bank of Korea, said, "The Jackson Hole Meeting is getting more news coverage than the Financial Monetary Committee."

After entering the Financial Monetary Committee meeting room, Governor Lee greeted Yoo Sang-dae, the Bank of Korea's Deputy Governor attending the committee meeting for the first time, saying, "It's your first Financial Monetary Committee meeting," while tapping his notebook and making the remark. Since the Bank of Korea's Financial Monetary Committee is expected to keep the base interest rate unchanged for the time being, what statements come from central bank officials at the Jackson Hole Meeting are more important and could significantly influence Korea's monetary policy.

Earlier, on the 22nd, Governor Lee attended a current affairs inquiry at the National Assembly's Planning and Finance Committee and said regarding the interest rate policy direction, "I will decide the interest rate considering Jerome Powell, Chair of the Federal Reserve's remarks at the upcoming US Jackson Hole Meeting, and the expected decisions of the September Federal Open Market Committee (FOMC)."

Meanwhile, since the Jackson Hole Meeting is held in a high-altitude area, Governor Lee will not attend due to health reasons, and Monetary Policy Committee member Cho Yoon-je will attend instead. Governor Lee had a severe case of COVID-19 while working at the IMF (International Monetary Fund).

Bank of Korea Governor Lee Chang-yong is presiding over the Monetary Policy Committee meeting held at the Bank of Korea in Jung-gu, Seoul, on the morning of the 24th. / Photo by Joint Press Corps

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