Politics/Economy
BOK chief nominee Shin apologizes for personal controversies, comments on currency
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Shin Hyun-song, nominee for Bank of Korea governor, apologized on April 15 at a National Assembly confirmation hearing for controversies over his family's nationalities and property holdings. He acknowledged the Korean won's recent weakness but stated the country has ample dollar liquidity to buffer shocks. Amid Middle East tensions, he said monetary policy should prioritize inflation.
Prime Minister Kim Min-seok vowed on Monday that the government would use taxpayers' money responsibly after the Cabinet approved guidelines for the 2027 budget. The plan emphasizes an expansionary fiscal policy to foster new growth engines, with spending set at 764.4 trillion won ($503 billion), up 5 percent from 728 trillion won this year.