"Price Surge"... Transition Team Holds Consecutive Meetings with Bank of Korea, Financial Services Commission, and Financial Supervisory Service

Meeting with transition team and Bank of Korea officials from 4 PM
Discussion on economic situation and response to inflation
Emergency meeting held with Financial Services Commission and Financial Supervisory Service on the same day

President-elect Yoon Suk-yeol is answering reporters' questions at the 3rd Cabinet announcement held at the 20th Presidential Transition Committee in Tongui-dong, Seoul, on the 14th.
[Image source=Yonhap News]

Amid rising burdens on ordinary citizens due to recent sharp inflation and interest rate hikes, the Presidential Transition Committee will hold consecutive meetings on the 15th with the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service to discuss countermeasures.

Won Il-hee, the chief deputy spokesperson of the Transition Committee, said at a press conference at the Transition Committee office in Tongui-dong, Jongno-gu, Seoul, "At 4 p.m. today, the Transition Committee's Economic Division 1 secretary, Choi Sang-mok, and officials from the Bank of Korea will hold a closed-door meeting."

Chief Deputy Spokesperson Won explained, "We will review the ongoing factors driving inflation and discuss measures to stabilize prices, as well as assess domestic and international macroeconomic conditions, trends in financial and foreign exchange markets, household debt, supply chain disruptions, and the economic situation in China to evaluate internal and external risks."

The Transition Committee also held an emergency meeting with the Financial Services Commission and the Financial Supervisory Service on the same day. Chief Deputy Spokesperson Won stated, "Following an urgent directive from President-elect Yoon Seok-yeol this morning, an emergency meeting involving the Economic Division 1 and the Financial Services Commission and Financial Supervisory Service was held from 1:30 p.m."

The meeting was attended by Choi Sang-mok, secretary of the Transition Committee's Economic Division 1, and transition committee members Shin Seong-hwan and Kim So-young. From the Financial Services Commission, the Secretary-General, Director of the Financial Industry Bureau, and Director of the Financial Consumer Bureau participated, while from the Financial Supervisory Service, the Deputy Governor, Deputy Governor Assistant, and Director of the Banking Supervision Bureau attended.

The Transition Committee, Financial Services Commission, and Financial Supervisory Service are reviewing trends in market interest rates following the rate hikes and discussing ways to alleviate financial burdens on ordinary citizens, small business owners, and vulnerable groups. Chief Deputy Spokesperson Won emphasized, "The Transition Committee will focus on preparing measures to address the increased burden of loans on ordinary citizens."

President-elect Yoon said at the Transition Committee secretaries' meeting this morning, "Signs of a complex crisis in our economy are clear, and especially inflation is serious," adding, "The actual living conditions felt by the people seem very difficult."

He further stressed, "We must establish comprehensive measures to improve the economic structure, including stabilizing prices, in preparation for prolonged inflation."