Lee Chang-yong "Highlights Exchange Rate Consideration Factors in Determining the Direction of Monetary Policy"

Bank of Korea Governor Lee Chang-yong said the exchange rate level is again being highlighted as a factor to consider in determining the direction of monetary policy.

Lee, who visited Washington, D.C., to attend a meeting of finance ministers and central bank governors from 20 major countries and the annual general meeting of the International Monetary Fund and World Bank Group, held a meeting with domestic reporters on the 25th local time.

Governor Lee said the dollar exchange rate is much higher than what we want now and the rate of rise is also greater, explaining that the exchange rate, which was not a factor to consider last time, was also a factor to consider again.

He then said that if the U.S. changes its monetary policy direction, the exchange rate will go in a stable direction, adding that the dollar has strengthened for two weeks since the last monetary policy direction meeting.

At the Monetary Policy Committee next month, he said he would comprehensively judge the impact of slowing export growth on next year's growth rate, the financial stability effects of macroprudential policies, and whether the dollar will continue to strengthen after the U.S. presidential election.