Bank of Korea Governor Lee Ju-yeol said today (24th) that the possibility of the won as a reserve currency has already become a political issue to explain its economic significance.
At an online press conference held today after the Monetary Policy Committee frozen the base rate at 1.25% per annum, Governor Lee answered a question about the possibility of Korea entering the ranks of the reserve currency countries as follows and declined to comment in detail.
“Whether there is a possibility that we will enter the ranks of key currency countries has already become a political issue,” Lee said.
When asked for his opinion on the presidential candidate's claim that the national debt ratio can soar to 100% as much as Koreans who can become a key currency country, he said, "Even if it is explained based on economic aspects, it will show unintended consequences. It is not appropriate to answer because it is possible."
However, President Lee expressed a principled stance on securing the international competitiveness of the won.
“In order for the won to remain competitive externally, the fundamentals of our economy must be strong,” he said.
He added, “I think that only then will the won be widely used in international payments.”
(Photo = provided by the Bank of Korea, Yonhap News)