Meeting with Heads of 5 Major Banks, Choi Sang-mok Emphasizes "Importance of Foreign Exchange Market Structural Improvement for Corporate Value-Up"

Choe Sang-mok, Deputy Prime Minister and Minister of Economy and Finance
Meeting with Heads of Five Major Banks on the 7th

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok met with major bank presidents on the 7th and urged them to play an active role in improving the structure of the foreign exchange market.

On the morning of the same day, Deputy Prime Minister Choi held a meeting at the Government Seoul Office with Kang Seok-hoon, President of Korea Development Bank, Lee Seung-yeol, President of Hana Bank, Lee Jae-geun, President of Kookmin Bank, Jung Sang-hyuk, President of Shinhan Bank, and Cho Byung-kyu, President of Woori Bank. These banks are the leading banks in the foreign exchange market this year.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, attended the Price-Related Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 6th, and is reviewing materials after delivering opening remarks. Photo by Jo Yong-jun jun21@

At the meeting, Deputy Prime Minister Choi emphasized the active role of banks in the successful improvement of the foreign exchange market structure, which is one of the important infrastructures for 'corporate value-up.' The implication was that foreign exchange market structural improvement is crucial for attracting foreign investors to develop our capital market. He also asked them to make efforts to foster market making during the extended hours in the early stages of the system and to promote the participation of foreign financial institutions.

He requested, "Please do not spare support for building internal bank systems such as accounting and IT to ensure preparations are completed before the full-scale implementation." The bank presidents reportedly evaluated the government's recent efforts to develop the capital and foreign exchange markets positively. They conveyed opinions along the lines of, "We are fully prepared to respond to changes in the foreign exchange market environment. Since this is an unprecedented attempt, consistent government commitment and close communication with market participants are necessary."