SEOUL-- South Korea's top central banker and financial regulator on Monday agreed to intensify policy coordination to secure macroeconomic and financial market stability amid concerns over growing volatility.

Bank of Korea (BOK) Gov. Rhee Chang-yong and Kim Joo-hyeon, head of the Financial Services Commission (FSC), held a meeting and discussed a wide range of issues, according to their offices. It was their first meeting since Rhee and Kim took office in April and last week, respectively.

"The BOK governor and the FSC chief came to the consensus that they will make all necessary efforts to ensure macroeconomic and market stability through preemptive policy response against current economic and financial situations," the BOK said in a press briefing.

"First and foremost, both organizations agreed to intensify coordination so that monetary and financial policies could be carried out in a harmonious manner," it added.

They met as concerns are growing over global monetary tightening and a possible economic recession, which have spilled over into the financial markets here. The local stock market and currency have lost marked ground so far this year.

Source: Yonhap News Agency