Forex Blog: Currency Trading News & Analysis.

June 17th 2005

BOK governor asked to resign

Park Seung, the head of the Bank of Korea (BOK) has recently drawn criticism from lawmakers, who are now demanding his resignation. The governor’s mistakes have been numerous and flagrant, they argue. First, Park has been extremely erratic in his economic forecasts. For example, he guaranteed real GDP growth of 6%, only to revise the figure downwards a few days later, roiling stock and forex markets. His worst and most public mistake was to announce South Korea’s intentions to diversify its forex reserves away from USD. The Korean Won soared on the news, and South Korea was forced to intervene to hold the value down. This fiasco, observe critics, cost Korea billions, and the statement was retracted, anyway.  In short, Korean lawmakers don’t have confidence in Park to conduct economically sound monetary policy, and are subsequently calling for his resignation. The Korean Herald reports:

The sharp bashing of Park for his blunt and inappropriate remarks as head of the central bank and the united calls for his resignation left open the question the BOK governor’s course of action, adding another factor to economic uncertainties, experts said.

Read More: Lawmakers urge BO governor to quit

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Posted by Adam Kritzer | in Central Banks, Exotic Currencies | No Comments »

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