Prime Minister Kim Min-seok and Bank of Korea Gov. Rhee Chang-yong agreed Tuesday to closely communicate on economic issues, including stabilizing the exchange rate and prices. The meeting at Kim's office comes amid concerns over the won's recent weakening and high consumer prices, despite improvements in domestic demand and exports. Both sides stressed the importance of government-BOK cooperation for market stability.
Prime Minister Kim Min-seok and Bank of Korea (BOK) Gov. Rhee Chang-yong met Tuesday at Kim's office in Seoul and agreed to closely communicate on issues related to the economy, including stabilizing the exchange rate and prices. Concerns have been raised about the won's recent weakening and high consumer price levels, despite improvements in domestic demand and exports.
"The government will do its best to secure the momentum of economic recovery and extend it to the stabilization of people's livelihoods," Kim said, according to his office, citing in particular the tasks of lowering food prices, reviving regional economies and fostering artificial intelligence and other advanced technologies.
Kim also called for close communication and cooperation between the government and the BOK, saying their "cooperation is important for market stabilization, including in the exchange rate and prices."
Rhee agreed the BOK will further strengthen communication and cooperation with the government, while continuing to study structural reforms aimed not only at short-term economic stabilization but also securing mid- to long-term growth potential. This agreement underscores the need for coordinated efforts amid economic uncertainties.