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BOK Governor nominee Lee Ju-yeol to focus on communicating with the market Updated: 2014-03-05 06:38:21 KST

The nominee for the Bank of Korea's next governor Lee Ju-yeol says
he fully acknowledges the importance of communicating with the market.
During a phone interview with the Korean daily Chosun Ilbo on Monday, Lee said that the central bank has to gain the trust of the people.
He went on to say that the central bank has to focus not just on the numbers, but should look for ways to be in harmony with the actual economic sentiment.
Back in 2009 when Lee was sworn in as the senior deputy governor, he pledged to focus on boosting economic growth by working closely with the government.
Whether Lee's perception of the economy remains intact is unknown, but the veteran central bank official is considered to be neutral when it comes to monetary policy.
The presidential office spokesperson said that Lee has a profound knowledge of the central bank's business and has a good sense of the international financial market.
Lee started work at the central bank in 1977 and has held key positions through the years, including as the head of the research department.
Once Lee takes office next month, experts say that he will be preoccupied with matters such as how to weather the impact of the U.S. Federal Reserve's tapering of its monetary stimulus program.
The nation's snowballing household debt will also be a concern.

"Lee will have to think deeply in terms of monetary policy about how to counteract the real estate and household debt problems that are growing as major threats to the Korean economy."

The National Assembly will hold a confirmation hearing for Lee within the next three weeks.
The lawmakers do not, however, have the power to veto the appointment.
Hwang Ji-hye, Arirang News.
KOGL : Korea Open Government License