Lee Chang-yong, BOK Governor, and 15 bank chiefs “actively trying to supply liquidity”

Lee Chang-yong, the governor of the Bank of Korea, met with the heads of commercial banks and urged them to make active efforts to expand the supply of liquidity to alleviate the recent tightness in the money market.

The Federation of Banks announced that it is holding a meeting with Bank of Korea presidents invited by the Bank of Korea governors on the 26th to strengthen communication with the Bank of Korea and broaden understanding of current financial issues.

The event was attended by 15 member banks, including Lee Chang-yong, President of the Bank of Korea, and Kim Kwang-soo, president of the Korea Bank Federation. They shared their findings of recent trends in the domestic and international financial market and discussed current issues in the banking industry.

BOK Governor Chang-yong Lee explained the background for deciding the monetary policy direction in October and presented the views of the international financial community on major issues in the global financial market discussed at the G20 meeting and the IMF annual meeting. In addition, we discussed with bank presidents the recent volatility of the credit bond market and the short-term financial market.

Kim Kwang-soo, Chairman of the Korea Bank Federation, said, “The banking sector will also work actively to expand the market’s liquidity supply in cooperation with the government and the Bank of Korea to fulfill its responsibilities for stabilizing the short-term financial market. We will do our best to supply the real demand for money, such as providing support without any assistance,” he said.

In addition, he added that he expects to communicate closely with the banking sector in the process of promoting various financial innovations, including the central bank digital currency (CBDC).

By Bae Ok-jin, staff reporter [email protected]

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