Central bank, Finance Ministry need mutual respect: BOK chief

The head of South Korea’s central bank reiterated the importance of mutual respect between the bank and the Finance Ministry following the nomination of a new minister.

“The Finance Ministry and the central bank each have their roles. Therefore, it is important for the two to respect each other’s role while narrowing the gap in their economic views through talks and information sharing,” Bank of Korea Gov. Lee Ju-yeol told reporters on Friday, restating his earlier remarks on the Finance Ministry.

After meeting incumbent minister Hyun Oh-seok in April, Lee said that they have agreed to share their views on the economy as the heads of South Korea’s finance and monetary policy institutions.

The BOK governor’s remarks on Friday came a few hours after President Park Geun-hye nominated ruling party politician Choi Kyoung-hwan as finance minister in her first major Cabinet reshuffle following the April 16 ferry accident. (Yonhap)