South Korea's Central Bank Governor Rhee Chang Yong listed reform of the International Monetary Fund (IMF) quota system as the Korean Central Bank's major priority at the G20. He also said that South Korea is working closely with other nations on debt restructuring.
South Korea's Central Bank Governor Rhee Chang Yong expressed concern about inflation and the impact of the Ukraine war on the global economy despite the rebound. He also urged Central Banks to have a very clear communication strategy amidst a challenging global environment.
"We need clear communication from major central banks among themselves and with others to avoid any sudden moves in the global economy", Rhee Chang Yong said exclusively to CNBC-TV18.
South Korea recently paused rate hikes after a gap of one and a half years. Explaining the rationale the governor said, "We have paused rate hikes because of our expected inflation path. We will be reassessing the impact of rate hikes done over one and a half years. There is a lot of uncertainty over US monetary policy and China reopening and we wanted to pause the hikes in the foggy economic situation".
The governor listed reform of the International Monetary Fund (IMF) quota system as the Korean Central Bank's major priority at the G20. Reaching an agreement on IMF quota is very important for the future of the international money lender. He also said that South Korea is working closely with other nations on debt restructuring and coordination on digital infrastructure around cryptocurrencies.
The Group of Seven Countries or G7 has come out to strongly condemn Russia for its war against Ukraine. Speaking about discussions at the finance track in Bengaluru, he said the war was the single biggest issue for the global economy and G20 should work towards ending it.
(Edited by : Sangam Singh)
First Published: Feb 24, 2023 3:03 PM IST
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