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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World FACTBOX-S.Korean c.bank faces government pressure on rates Reuters - Saturday, February 20 Send IM Story Print SEOUL, Feb 19 - South Korea's central bank has come under strong pressure from the government to keep interest rates at record lows to ensure an economic recovery is on solid footing, even as policymakers worry inflationary pressures are building. Central bank Governor Lee Seong-tae warned on Thursday that rates needed to rise soon, but financial markets shrugged off the comments as few investors expect him to raise rates before his term ends next month. Investors have continuously pushed back their expectations on the timing for an interest rate increase by the Bank of Korea as the government heaped pressure on the central bank, and on concerns the global recovery could be losing steam. Following are details on how the central bank is structured and how the government maintains its influence in the legally independent central bank's policy: MONETARY POLICY COMMITTEE A revised law at the end of 1997 took the chairmanship of the monetary policy committee away from the Finance Minister and gave it to the Bank of Korea's governor, and deprived the finance ministry of voting rights in the committee. The seven members of the committee comprise the governor, his/her deputy and five others recommended by the governor, the finance minister, the head of the financial regulatory agency and three main business lobby groups. The Bank of Korea releases minutes from each monthly policy meeting more than six weeks later but does not identify speakers in the minutes. POWERFUL PRESIDENTIAL SYSTEM The Bank of Korea has full autonomy in its operations but the country's president has the right to appoint or fire the governor, although sacking a governor against the public will could risk heavy political fallout. The president also has the right to veto the monetary policy committee's decision. It is very unlikely any president would exercise this right but the mere threat could pressure the voting members to pay closer attention to the government's opinion. The Bank of Korea is also required to get the Finance Ministry's approval on its annual budget and hold talks with the ministry when setting its three-year inflation target. SOME CONFLICTS The Bank of Korea has in the past been in conflict mainly with the finance ministry over foreign exchange policy and with the Financial Services Commission over supervisory rights on commercial banks and financial companies. It carries out dollar purchases or sales when the finance ministry wants to intervene in the currency market, but the central bank tends to prefer keeping intervention to the minimum because it has to pay the cost of managing won liquidity. The central bank, which gave up supervisory power over banks and financial firms in the late 1990s, now wants to share some of the power with the regulatory agency because it has the responsibility to manage the money liquidity. (Reporting by Cheon Jong-woo; Editing by Yoo Choonsik & Kim Coghill) Recommend Send IM Story Print Related Articles Bharti expects good terms for funding Zain deal Reuters - 35 minutes ago Belarus asks Rothschild for privatisation advice Reuters - 38 minutes ago METALS-Copper steady as U.S. tightening worries ease Reuters - 42 minutes ago Wall Street down on Fed discount rate hike move Reuters - 56 minutes ago Schlumberger in talks to buy Smith Int'l: report Reuters - 57 minutes ago News Search Top Stories US January consumer prices inch up, 'core' falls Surprise Fed rate hike hurts world stocks Nestle posts big drop in annual net profit Fed hikes bank loan rate in surprise move US researchers harness DNA changes to develop cancer test More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Fed hikes bank loan rate in surprise move Be of good heart: Happiness helps ward off cardiac disease Astronomers find oldest stars outside Milky Way US new jobless claims post surprise jump US researchers harness DNA changes to develop cancer test More Most Viewed » Third-hand smoke also bad for you: study DNA reveals some mystery on King Tut, raises questions Pitt, Jolie sue British paper over split claims Fury heats up after new AIG bonuses Sugary soft drinks linked to pancreatic cancer: study More Most Recommended » Elsewhere on Yahoo! 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