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Bank of Korea: speeches

25 speeches by the governor of the Bank of Korea (South Korea) listed between 21 April 2022 and 2 September 2026. Leaders covered: Lee Ju-yeol (1 April 2014 – 31 March 2022); Chang Yong Rhee (21 April 2022 – 20 April 2026); Hyun Song Shin (since 21 April 2026). Most frequent topics: inflation and price stability, monetary policy and interest rates, growth, investment and productivity. The full list is on bok.or.kr ↗.

Last updated 10 November 2026 · newest first

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· Hyun Song Shin Wiki · Bank of Korea WikiOpening address - Bank of Korea-Centre for Economic Policy Research-Organisation for Economic Co-operation and Development Conference

ContextRecorded opening address by the Bank of Korea Governor to a conference on the economics of ageing and longevity, co-organised with the CEPR and the OECD.

Why it mattersKorea's central bank chief puts ageing and the low birth rate at the centre of economic policy, warning that AI is not a substitute for structural reform.

Problems raised
  1. Korea's population is ageing fast and its birth rate is very low.
  2. Ageing economies must make large fiscal adjustments in little time.
  3. AI will not solve structural problems on its own.
Solutions proposed
  1. Invest in research on long-term structural issues.
  2. Prepare early for demographic change, which is predictable.
  3. Use Korea's AI and semiconductor strength as an opportunity.
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· Hyun Song Shin Wiki · Bank of Korea WikiSpeech - 76th Anniversary of the Bank of Korea

ContextAddress by the Governor to Bank of Korea staff in Seoul for the central bank's 76th anniversary.

Why it mattersThe Bank of Korea's anniversary speech, a yearly policy marker, announces steps to open the won market to foreign investors.

Problems raised
  1. Inflation will stay above target for a long time after supply shocks.
  2. Demand-side price pressures are strengthening.
  3. Korea's currency market is not open enough to foreign investors.
Solutions proposed
  1. Work with the government on price stabilisation.
  2. Open the foreign exchange market 24 hours and create an offshore won settlement system.
  3. Use strong public and corporate finances to invest in future growth.
Read the speech summary

1. Strong growth, rising inflation

Marking the central bank's 76th year, the Governor of Korea's central bank, in office for two months, thanked his predecessors and staff and told them that AI-driven chip exports lifted first-quarter growth to 1.8% on the quarter and nominal growth to 10.5%, with real incomes rising near double digits. Growth should stay solid as incomes and investment support domestic demand, though it relies heavily on IT. Inflation reached about 3% in May and core inflation the mid-2% range, while living costs rise faster than the headline index, risking higher household expectations; inflation should stay above target for some time.

2. Financial risks and the won

Seoul home prices, deposits and rents are climbing, borrowing to buy shares has jumped and household loans grew sharply in May. The won stays around 1 500 per dollar as foreigners sell Korean shares, although the current account surplus may support it.

3. Policy direction

With little trade-off between objectives, the bank should focus on prices and lift its policy rate without waiting until it is late, which also protects poorer households; fiscal policy is better placed to help indebted borrowers. Longer-term tasks include household debt, reducing the concentration in Seoul, internationalising the won with 24-hour trading and offshore settlement, using strong public and corporate finances to invest, and studying demographic effects on growth and the neutral rate. He promised open debate and better internal management, urging preparation while times are good, in the spirit of repairing the roof while the sun shines. He added that the current boom owes much to a favourable external environment and should not breed complacency, and that the best decisions come from departments sharing information and working together.

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· Hyun Song Shin Wiki · Bank of Korea WikiInaugural address

ContextInaugural address by Hyun Song Shin, Governor of the Bank of Korea, Seoul, 21 April 2026.

Why it mattersThe new Bank of Korea Governor's first speech in office, setting out his priorities.

Problems raised
  1. Rising oil prices push inflation up and growth down.
  2. Financial market volatility and imbalances persist.
  3. Tariffs are reshaping trade.
Solutions proposed
  1. Serve the economy with responsible monetary policy.
  2. Watch financial imbalances closely.
  3. Draw on international experience to guide the Bank of Korea.
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· Chang Yong Rhee Wiki · Bank of Korea WikiFarewell address

ContextFarewell address by Chang Yong Rhee, Governor of the Bank of Korea, on his departure from the Bank of Korea, Seoul, 20 April 2026.

Why it mattersThe outgoing Bank of Korea Governor reflects on four years of shocks and leaves a list of structural reforms.

Problems raised
  1. The past four years brought unexpected shocks.
  2. Tariffs and Middle East tensions drove the exchange rate up.
  3. Korea needs deep structural reforms.
Solutions proposed
  1. Introduce Korean-style forward guidance.
  2. Publish structural reform reports.
  3. Reform labour markets, education and pensions.
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· Chang Yong Rhee Wiki · Bank of Korea WikiThe future of Asia - can it remain the engine of global growth?

ContextKeynote speech by Chang Yong Rhee, Governor of the Bank of Korea, at the "Asia in 2050 Conference", organised by the International Monetary Fund and the Bank of Thailand, Bangkok, 5 March 2026.

Why it mattersThe Bank of Korea Governor asks whether Asia can stay the world's growth engine as its populations age.

Problems raised
  1. Asia's growth engine may slow.
  2. Ageing populations weigh on growth.
  3. General reform recipes do not fit every country.
Solutions proposed
  1. Nurture strategic industries like AI.
  2. Reform labour markets and pensions.
  3. Increase participation of women and older workers.
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· Chang Yong Rhee Wiki · Bank of Korea WikiKorea's integrated policy framework story - extending into the effective lower bound era

ContextText of the 2025 Michel Camdessus Central Banking Lecture by Chang Yong Rhee, Governor of the Bank of Korea, at the International Monetary Fund, Washington DC, 18 September 2025.

Why it mattersThe Bank of Korea governor shares how emerging economies can combine several tools in crises, including support for bond markets near the lower bound.

Problems raised
  1. Emerging economies have fragile fundamentals and foreign debt.
  2. Small bond markets can push rates up in crises.
  3. Policy may hit the effective lower bound.
Solutions proposed
  1. Use an integrated policy framework.
  2. Support bond market functioning in crises.
  3. Learn from Indonesia's successful crisis response.
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· Chang Yong Rhee Wiki · Bank of Korea WikiPost-pandemic monetary policy in Korea - toward an integrated policy framework

ContextKeynote speech by Chang Yong Rhee, Governor of the Bank of Korea, at the joint 2025 conference of the Bank of Korea (BOK), the Asian Development Bank (ADB), and the Journal of International Money and Finance (JIMof), Seoul, 16 July 2025.

Why it mattersKorea's governor explains how household debt and currency swings shaped the pace of rate cuts after the pandemic.

Problems raised
  1. Korea's household debt is a structural vulnerability.
  2. Exchange rate volatility limited rate cuts.
  3. Inflation risked becoming entrenched.
Solutions proposed
  1. Coordinate monetary and macroprudential policies.
  2. Manage inflation expectations in time.
  3. Rely on Korea's net foreign assets to absorb shocks.
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· Chang Yong Rhee Wiki · Bank of Korea WikiSpeech - 75th Anniversary of the Bank of Korea

ContextCommemorative speech in Seoul for the 75th anniversary of the Bank of Korea; the central bank keeps prices and finance stable and faces an ageing population and high household debt.

Why it mattersKorea's governor uses the bank's 75th anniversary to urge structural reforms blocked by social conflict.

Problems raised
  1. Korea's structural problems persist.
  2. Social conflicts block reform.
  3. Trade conflicts create pressure.
Solutions proposed
  1. Propose structural solutions.
  2. Have the new government prioritise reforms.
  3. Turn the crisis into an opportunity.
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· Chang Yong Rhee Wiki · Bank of Korea WikiNavigating political uncertainty while maintaining independence

ContextFPA medal acceptance speech by Chang Yong Rhee, Governor of the Bank of Korea, at the Foreign Policy Association Statesman Dinner 2025, Seoul, 21 April 2025.

Why it mattersKorea's governor explains how the central bank stays neutral and independent during political upheaval at home.

Problems raised
  1. Political divides and geopolitical tensions are rising.
  2. Trade tensions reshape supply chains.
  3. Central banks face political uncertainty.
Solutions proposed
  1. Stay politically neutral yet grounded.
  2. Maintain independence.
  3. Keep strong US-Korea relations.
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· Chang Yong Rhee Wiki · Bank of Korea WikiSustainability challenges in Korea

ContextKeynote speech by Chang Yong Rhee, Governor of the Bank of Korea, at the Global Engagement & Empowerment Forum 2025 on Sustainable Development "Time for Action: Bridging Divides for a Sustainable Future", organised by the Yonsei University, Seoul, 14 March 2025.

Why it mattersKorea's governor treats falling births and climate change as threats to the country's sustainability.

Problems raised
  1. Korea faces a drastic population decline.
  2. Raising children is a heavy burden.
  3. Climate change threatens sustainability.
Solutions proposed
  1. Act urgently on demographics.
  2. Bridge social divides.
  3. Address climate change.
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· Chang Yong Rhee Wiki · Bank of Korea WikiNew Year Speech

ContextNew Year's speech by Chang Yong Rhee, Governor of the Bank of Korea, at the Bank of Korea, Seoul, 2 January 2025.

Why it mattersKorea's governor resists calls for stimulus that would add to household debt.

Problems raised
  1. Household debt remains high.
  2. Calls grow for stimulus over debt control.
  3. Self-employed people struggle.
Solutions proposed
  1. Reduce household debt gradually.
  2. Restructure debt and offer vocational training.
  3. Help retirees and self-employed move to productive sectors.
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· Chang Yong Rhee Wiki · Bank of Korea WikiAn Integrated Policy Framework - application to Korea's monetary policy

ContextKeynote speech by Chang Yong Rhee, Governor of the Bank of Korea, at the Korea International Economic Association Winter Conference, Seoul, 23 December 2024.

Why it mattersKorea's governor answers criticism of slow rate cuts by pointing to property and debt risks.

Problems raised
  1. The Bank of Korea was criticised as slow.
  2. Rate cuts could fuel property prices.
  3. Financial imbalances are growing.
Solutions proposed
  1. Apply an Integrated Policy Framework.
  2. Coordinate rates with macroprudential tools.
  3. Weigh real economy and financial stability together.
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· Chang Yong Rhee Wiki · Bank of Korea WikiSpeech - 74th Anniversary of the Bank of Korea

ContextCommemorative speech in Seoul for the 74th anniversary of the Bank of Korea; the central bank keeps prices and finance stable and faces structural challenges such as ageing.

Why it mattersKorea's governor warns that easing too early could fuel household debt.

Problems raised
  1. Upside inflation risks increased.
  2. Exchange rate volatility is high.
  3. Easing too early could boost household debt.
Solutions proposed
  1. Avoid shifting policy too early.
  2. Watch inflation, currency and debt together.
  3. Keep a cautious stance.
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· Chang Yong Rhee Wiki · Bank of Korea WikiSpeech - Korean Economic Associations annual meeting

ContextOpening dinner speech at the Korean Economic Associations annual meeting in Seoul; the Bank of Korea keeps prices and finance stable and faces structural reform needs.

Why it mattersRhee thanks academic economists for advising policy.

Problems raised
  1. Korea's economy faces challenges.
  2. Research is needed.
  3. Policy must be well advised.
Solutions proposed
  1. Work with academic economists.
  2. Support research.
  3. Thank economists for their help.
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· Chang Yong Rhee Wiki · Bank of Korea WikiWelcoming remarks - International Conference on Green Finance

ContextWelcoming remarks by Chang Yong Rhee, Governor of the Bank of Korea, at the opening ceremony of the International Conference on Green Finance, co-hosted by the 2050 Presidential commission on Carbon Neutrality and Green Growth and the Bank of Korea, Seoul, 20 June 2023.

Why it mattersRhee presents climate stress tests and ESG factors in reserve management.

Problems raised
  1. Climate change creates risks for the economy and finance.
  2. Financial institutions must measure climate risks.
  3. Carbon neutrality requires large investment.
Solutions proposed
  1. Develop climate stress test models.
  2. Include ESG factors in reserve management.
  3. Cooperate internationally on green finance.
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· Chang Yong Rhee Wiki · Bank of Korea WikiNew Year Speech

ContextNew Year's address by Chang Yong Rhee, Governor of the Bank of Korea, at the Bank of Korea, Seoul, 2 January 2023.

Why it mattersRhee warns staff of a complex crisis for the year ahead.

Problems raised
  1. The world faces a complex crisis.
  2. Economic slowdown and supply chain changes.
  3. Challenges stack up.
Solutions proposed
  1. Prepare for multiple challenges.
  2. Thank staff for their efforts.
  3. Maintain stability.
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· Chang Yong Rhee Wiki · Bank of Korea WikiReview on Inflation Targeting Operations

ContextKeynote speech by Chang Yong Rhee, Governor of the Bank of Korea, at the press conference after "Review on Inflation Targeting Operations", Seoul, 20 December 2022.

Why it mattersRhee reviews how the inflation target worked during a year of hikes.

Problems raised
  1. Inflation is well above target.
  2. Rate hikes impose costs on the public.
  3. Understanding of inflation is needed.
Solutions proposed
  1. Review inflation targeting operations.
  2. Explain to the public.
  3. Continue tightening.
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· Chang Yong Rhee Wiki · Bank of Korea WikiThe challenges of Korean economy after COVID-19 - growth and stability

ContextOpening address by Chang Yong Rhee, Governor of the Bank of Korea, at the Bank of Korea - Korean Economic Association International Conference 2022, Seoul, 11 November 2022.

Why it mattersRhee discusses how fragmentation weakens Korea's trade-led growth.

Problems raised
  1. Korea faces post-COVID challenges.
  2. Fragmentation weakens trade and growth.
  3. Balancing growth and stability is hard.
Solutions proposed
  1. Promote global collaboration.
  2. Encourage cooperative competition.
  3. Pursue growth with stability.
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· Chang Yong Rhee Wiki · Bank of Korea WikiKorea's monetary policy amid an accelerated global monetary tightening

ContextSpeech at the Peterson Institute for International Economics in Washington; the Bank of Korea keeps prices and finance stable during fast global rate rises.

Why it mattersRhee explains Korea's hikes amid accelerating global tightening.

Problems raised
  1. Global tightening is accelerating.
  2. External uncertainties are high.
  3. Currency volatility affects Korea.
Solutions proposed
  1. Continue raising rates in Korea.
  2. Monitor Fed, oil and China developments.
  3. Manage currency volatility.
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· Chang Yong Rhee Wiki · Bank of Korea WikiCentral bank digital currency - what we have learned from a recent hands-on experiment

ContextKeynote address by Chang Yong Rhee, Governor of the Bank of Korea, at the IMF-Singapore Regional Training Institute (STI) Peer-Learning Webinar, 28 September 2022.

Why it mattersRhee shares lessons from Korea's hands-on CBDC experiment.

Problems raised
  1. CBDCs risk being too successful or not enough.
  2. Demand for CBDCs may be weak.
  3. Private payments could be crowded out.
Solutions proposed
  1. Run hands-on CBDC experiments.
  2. Share lessons with peers.
  3. Design CBDCs carefully.
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· Chang Yong Rhee Wiki · Bank of Korea WikiLessons from unconventional monetary policy for small open economies and emerging markets

ContextPaper presentation at the Kansas City Fed's Jackson Hole Symposium; the Bank of Korea keeps prices and finance stable and studies unconventional policy in small open economies.

Why it mattersRhee draws lessons from unconventional policy in emerging markets.

Problems raised
  1. Emerging markets used unconventional policies.
  2. Inflation may not be transitory.
  3. Policy paths are uncertain.
Solutions proposed
  1. Learn lessons from unconventional policies.
  2. Consider scenarios with persistent inflation.
  3. Adapt tools for small open economies.
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· Chang Yong Rhee Wiki · Bank of Korea WikiEnhancing East Asia's regional financial safety net

ContextKeynote speech by Chang Yong Rhee, Governor of the Bank of Korea, at a Roundtable on East Asia's Financial Safety Net, 22 August 2022.

Why it mattersRhee asks whether regional swap pledges would arrive fast enough in a crisis.

Problems raised
  1. East Asia's financial safety net is untested.
  2. Pledges may not be honoured quickly.
  3. Crises need fast responses.
Solutions proposed
  1. Enhance the Chiang Mai Initiative.
  2. Strengthen regional cooperation.
  3. Test the safety net's credibility.
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· Chang Yong Rhee Wiki · Bank of Korea Wiki72nd anniversary of the Bank of Korea

ContextCommemorative speech to staff for the 72nd anniversary of the Bank of Korea; the central bank keeps prices and finance stable as inflation rises.

Why it mattersRhee thanks staff on the institution's birthday.

Problems raised
  1. COVID caused difficulties.
  2. The Bank must keep improving.
  3. Staff work under pressure.
Solutions proposed
  1. Thank predecessors and staff.
  2. Continue the Bank's mission.
  3. Adapt to challenges.
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· Chang Yong Rhee Wiki · Bank of Korea WikiOpening address

ContextOpening address by Chang Yong Rhee, Governor of the Bank of Korea, at the Bank of Korea's International Conference 2022, Seoul, 2 June 2022.

Why it mattersRhee asks how central banks should respond to 1970s-style inflation.

Problems raised
  1. 1970s-style inflation returned.
  2. Expansionary policies and supply bottlenecks drive it.
  3. Central banks' role must be rethought.
Solutions proposed
  1. Rethink the role of central banks.
  2. Host international conferences.
  3. Adapt to new inflation environment.
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· Chang Yong Rhee Wiki · Bank of Korea WikiInaugural address

ContextInaugural address by Chang Yong Rhee, Governor of the Bank of Korea, Seoul, 21 April 2022.

Why it mattersRhee takes office promising coordinated responses.

Problems raised
  1. The new governor takes office in hard times.
  2. Issues require coordination.
  3. Policy consistency is needed.
Solutions proposed
  1. Take a comprehensive view of issues.
  2. Seek coordinated solutions.
  3. Work with staff collaboratively.
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