Finance

South Korea finance minister, central bank chief vow coordination to fight inflation

The city skyline of Incheon is pictured early morning in an aerial view south of Seoul, South Korea, January 21, 2018. REUTERS/ Fabrizio Bensch

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SEOUL, May 16 (Reuters) – South Korea’s finance minister and central bank chief agreed on Monday to boost policy coordination in fighting inflation and financial markets instability, which they cited as the biggest current risks facing the economy.

Finance Minister Choo Kyung-ho and Bank of Korea Governor Rhee Chang-yong also agreed that the downside risk to growth in Asia’s fourth-largest economy has also increased, a joint statement from the two organisations added.

The country’s two most powerful economic policymakers held their first one-on-one meeting on Monday after taking office this month and in a follow-up to their attendance at a meeting on Friday hosted by President Yoon Suk-yeol.

The statement did not disclose any further comments on specific asset classes or indicators.

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Reporting by Choonsik Yoo; Editing by Sam Holmes

Our Standards: The Thomson Reuters Trust Principles.

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