SEOUL -(Dow Jones)- The South Korean government won't meddle in Bank of Korea's monetary policy and respects its independence, Vice Finance Minister Hur Kyung-wook said Friday.
"What we learned from the latest global financial crisis is the need for close cooperation between the government and the central bank," he said at a BOK rate review. "Good communication between us will help manage risks surrounding the Korean economy."
Thursday, the Ministry of Strategy and Finance said that the vice finance minister would attend BOK policy meetings from now on, exercising a right the government hasn't used in more than a decade. The minister will share the government's assessment on the economy with the BOK.
The central bank is widely expected to leave its base rate at an all-time low of 2.00% at the review later this morning.
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