SEOUL, December 09 (AJP) - South Korean Prime Minister Kim Min-seok and Bank of Korea Governor Rhee Chang-yong held an unusual closed-door meeting early Tuesday, signaling the government’s reinforced determination to arrest the prolonged weakness of the Korean won that is rippling through every corner of Asia’s fourth-largest economy — from inflation and purchasing power to investment sentiment and long-term growth potential.
The meeting, held at the government complex in Seoul, was notable in itself. The central bank governor typically meets monthly with the finance minister and the Financial Services Commission chair; direct consultations with the prime minister are rare.
Kim said “uncertainties remain despite back-to-back gains in GDP growth and an improvement in consumer sentiment,” pledging that the administration would “solidify the economic recovery and extend it to stabilizing people’s livelihoods.” He highlighted government efforts to ease food-price burdens, revitalize regional economies, and expand growth potential through artificial intelligence and innovation.
Rhee said the Bank of Korea will continue research on structural reforms to strengthen long-term growth potential while maintaining close communication and cooperation with the government as foreign-exchange volatility persists.
The meeting comes as the finance ministry prepares a sweeping package of measures — including tax incentives to increase dollar supply, expanded hedging tools for pension funds, and new liquidity-support mechanisms — to counter what policymakers increasingly see as a currency-driven threat to macro stability.
The Korean won has hovered around 1,470–1,480 won per dollar for nearly a month.
Separately, the government continues to operate a four-party FX consultative body — bringing together the finance ministry, the Bank of Korea, the National Pension Service and the welfare ministry — to coordinate market-smoothing efforts and prevent disorderly swings in the won.
The dollar rose 0.50 won to 1,470 won as of 10:25 a.m. in Seoul Tuesday.
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