Seoul:South Korea's finance minister met with the central bank governor on Monday to discuss strengthening coordination in tackling economic uncertainties, as reported by the finance ministry.

According to Yonhap News Agency, Finance Minister Lee Hyoung-il, who recently assumed office, held discussions with Bank of Korea (BOK) Governor Shin Hyun-song during his inaugural visit to the central bank. Minister Lee emphasized the importance of the BOK as a policy partner in discussions concerning economic stability and growth.

Minister Lee expressed a desire to explore and collaborate on various issues, such as the internationalization of the Korean won, digital finance, and strategies to enhance the growth potential of the economy. He underscored the importance of ensuring that economic growth benefits are distributed more equitably.

The meeting, which lasted around 40 minutes, concluded with both policymakers acknowledging the momentum in South Korea's economic growth, driven by robust export and investment indicators amidst the semiconductor supercycle. However, Lee and Shin also pointed out ongoing pressures on citizens' livelihoods due to external uncertainties, including interest rate hikes in major economies and geopolitical tensions.

Governor Shin highlighted that the BOK's recent monetary policy efforts are expected to ease demand-side inflationary pressures and reinforce confidence in the South Korean economy. These efforts are anticipated to stabilize the exchange rate, reduce cost pressures, and fortify economic fundamentals.

Both officials emphasized the increasing interconnection of financial, foreign exchange, and property markets, advocating for enhanced cooperation between their institutions to proactively address economic risks. Minister Lee called for improved communication between the finance ministry and the BOK to achieve their mutual objectives of price stability, economic growth, and financial stability.