Seoul:Finance Minister Lee Hyoung-il met with Bank of Korea Governor Shin Hyun-song on Monday to discuss enhancing coordination to tackle economic uncertainties, as reported by the finance ministry.

According to Yonhap News Agency, this meeting marked Lee's first visit to the central bank since assuming office last week. The discussions focused on the need for cooperation between the Ministry of Finance and Economy and the Bank of Korea, particularly in addressing the challenges posed by the current economic climate.

Both Lee and Shin acknowledged that while South Korea's economic growth is showing positive signs, bolstered by robust export and investment figures, there are ongoing pressures on citizens' livelihoods. These pressures stem from external uncertainties, including interest rate hikes in major economies and geopolitical tensions.

The officials highlighted the increasing interconnection between financial, foreign exchange, and property markets, stressing the necessity of closer cooperation between their institutions. This cooperation is seen as crucial for preemptively addressing economic risks.

Lee advocated for improved communication between the finance ministry and the BOK to achieve shared objectives of price stability, economic growth, and financial stability. In response, Shin underlined the significance of maintaining macroeconomic stability through stable consumer prices and financial markets, aiming to establish a foundation for sustainable growth amid a rapidly changing environment.