Lee Chang-yong, Governor of the Bank of Korea, Says "Korea Does Not Lack Foreign Exchange Reserves"

Lee Chang-yong, Governor of the Bank of Korea, stated that South Korea's foreign exchange reserves are not insufficient.

On the 27th, during a comprehensive audit by the Planning and Finance Committee held at the National Assembly, Governor Lee responded to a question from Hong Seong-guk, a member of the Democratic Party of Korea, asking, "Shouldn't we increase the foreign exchange reserves?"

Governor Lee explained, "Considering the current situation and the movement of the exchange rate, I do not think the foreign exchange reserves are insufficient at all," adding, "Increasing foreign exchange reserves incurs corresponding costs."

However, he added, "While I do not think the foreign exchange reserves are lacking globally, if there are too rapid changes, it could psychologically affect the market, so we are monitoring those movements."

[Image source=Yonhap News]