Bank of Korea Governor Lee Chang-yong "Strongly Advocated Unlimited Liquidity Supply"

Emergency Inquiry by the National Assembly's Planning and Finance Committee

Lee Chang-yong, Governor of the Bank of Korea, stated, "I strongly advocated for stabilizing the financial and foreign exchange markets through unlimited liquidity supply."

Governor Lee made this remark on the afternoon of the 17th during an emergency inquiry at the Planning and Finance Committee plenary session held at the National Assembly in Yeouido, Seoul, in response to a question from Kim Young-jin, a member of the Democratic Party of Korea, asking whether the martial law had hindered economic policy formulation.

Lee Chang-yong, Governor of the Bank of Korea, is attending the plenary meeting of the Planning and Finance Committee held at the National Assembly on the 17th, responding to questions from lawmakers.

He explained, "When we met at 11 p.m. during the martial law on the 3rd, the exchange rate had risen to around 1,440 won. So, there have been various concerns and interpretations about liquidity supply, but to instill confidence in the market, we had to prioritize stabilizing the foreign exchange market, which is why we decided on unlimited liquidity supply."

Regarding concerns that the country's credit rating might sharply decline due to this incident, potentially causing a rapid contraction in exports and domestic demand, Governor Lee responded, "We need to observe the impact in the medium to long term."