ID :
188622
Wed, 06/15/2011 - 04:36
Auther :
Shortlink :
https://oananews.org//node/188622
The shortlink copeid
Finance minister, BOK chief stress price stability, policy coordination
South Korea's finance minister and the top central banker stressed on Wednesday the need to put policy priority on keeping price stability and agreed to beef up efforts for close policy coordination amid persisting economic uncertainty.
Finance Minister Bahk Jae-wan, who took office on June 2, held his first meeting with Bank of Korea (BOK) Gov. Kim Choong-soo to assess economic conditions at home and abroad, and discuss how to boost cooperation.
"They shared the view that the government and the BOK should put policy priority on keeping price stability and manage the macroeconomic policies to back up the recovery in the job markets," the finance ministry and the BOK said in a joint statement.
The top policymakers said as economic uncertainty at home and abroad persists, the government and the BOK will strengthen their efforts to closely cooperate by sharing information and views about economic conditions. As part of such efforts, the government and the BOK will hold a working-level meeting on a monthly basis.
The meeting came as the BOK hiked the key interest rate last week by a quarter percentage point to 3.25 percent, the third rate increase this year, in a bid to tame inflation. But a slew of economic uncertainty such as the eurozone debt crisis is serving as downside risks to economic growth.
Yoon Jong-won, head of the finance ministry's economic policy bureau, said in a briefing that the finance minister and the BOK chief downplayed the possibility of a global double-dip recession.
But the two shared the view that economic uncertainty lingers as there is the need to be watchful against potential impacts of the Federal Reserve's exit from its stimulus and oil price movements, he said.
Finance Minister Bahk Jae-wan, who took office on June 2, held his first meeting with Bank of Korea (BOK) Gov. Kim Choong-soo to assess economic conditions at home and abroad, and discuss how to boost cooperation.
"They shared the view that the government and the BOK should put policy priority on keeping price stability and manage the macroeconomic policies to back up the recovery in the job markets," the finance ministry and the BOK said in a joint statement.
The top policymakers said as economic uncertainty at home and abroad persists, the government and the BOK will strengthen their efforts to closely cooperate by sharing information and views about economic conditions. As part of such efforts, the government and the BOK will hold a working-level meeting on a monthly basis.
The meeting came as the BOK hiked the key interest rate last week by a quarter percentage point to 3.25 percent, the third rate increase this year, in a bid to tame inflation. But a slew of economic uncertainty such as the eurozone debt crisis is serving as downside risks to economic growth.
Yoon Jong-won, head of the finance ministry's economic policy bureau, said in a briefing that the finance minister and the BOK chief downplayed the possibility of a global double-dip recession.
But the two shared the view that economic uncertainty lingers as there is the need to be watchful against potential impacts of the Federal Reserve's exit from its stimulus and oil price movements, he said.
