Seoul: Finance Minister Koo Yun-cheol on Thursday pledged to strengthen cooperation with the Bank of Korea (BOK), working as "one team" to support the South Korean economy amid growing domestic and global challenges. Koo made the remarks during his first visit to the central bank in Seoul since taking office last month.
According to Yonhap News Agency, Koo emphasized the need for close consultations with the BOK, expressing a sense of urgency to tackle the economic issues. In response, BOK Governor Rhee Chang-yong expressed strong support, assuring that the central bank will provide full cooperation as a think tank to assist the government's efforts.
Rhee also highlighted the recently concluded tariff negotiations with the United States, noting that the outcome has eased pressures ahead of the BOK's upcoming monetary policy meeting. "A significant result was achieved during a difficult time," he stated.
During their meeting, Koo and Rhee reviewed internal and external economic conditions and discussed broad measures to enhance policy coordination. The Ministry of Economy and Finance reported that both parties acknowledged the persistent challenges facing South Korea, both domestically and globally.
The ministry further mentioned that both sides agreed on the importance of ensuring macroeconomic stability through a harmonious operation of fiscal and monetary policies, emphasizing that this is more crucial than ever.