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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 S.Korea c.bank's Lee calls for better relations with gov't Reuters - 1 hour 44 minutes ago Send IM Story Print SEOUL, March 31 - South Korea's outgoing central bank chief on Wednesday called for "sincere reconsideration" of the central bank's relations with the government, effectively complaining about growing government interference. "There should be a sincere reconsideration of the central bank's status, especially its relation with the government," Bank of Korea Governor Lee Seong-tae said in a prepared speech for his farewell ceremony. It is Lee's last day in office, and scholar-turned diplomat Kim Choong-soo, widely seen more in line with the government's economic policy stance, will take over the central bank of Asia's fourth-largest economy on Thursday. "I hope the government and the central bank will acknowledge and respect the fact that their roles are different while closely cooperating with each other to achieve the goal of national economic development," he said. The Bank of Korea is guaranteed by law the right to draw up and implement policy independently of any outside influence, but the government has several ways of participating in its policy operations. The government of President Lee Myung-bak revived this year its right to send a representative to the Bank of Korea's monthly rate-setting meetings for the first time in a decade. The Bank of Korea hinted at an imminent interest rate increase late last year but has since toned down its stance, persuading investors to scale back expectations for an early tightening. Governor Lee rose to the top post at the central bank in 2006 after some 40 years of service there, whereas his successor has no experience of working at the Bank of Korea. The outgoing governor did not specifically comment on future interest rate policy, but said unwinding stimulus measures adopted over the past two years without hurting economic and financial stability was an important task. Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 41 minutes ago Asia shares dip, Nikkei hits 18-month high Reuters - 41 minutes ago RBS CEO says Dubai plan sends right signals - paper Reuters - 42 minutes ago FACTBOX-More Korea offerings to follow record Samsung Life IPO Reuters - 44 minutes ago Anadolu Efes 2009 profit up 36 pct, below forecast Reuters - 53 minutes ago News Search Top Stories EU subsidies have encouraged overfishing: study What, or who, killed the last mammoths? Toad is a telltale for impending quakes: scientists Obama wants Iran sanctions within 'weeks' Burglars tunnel into French bank vault More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Burglars tunnel into French bank vault Toad is a telltale for impending quakes: scientists Latin pop icon Ricky Martin tells fans he is gay Atom smasher opens 'new era' for science Elephants move like 4x4s: scientists More Most Viewed » 'Rare' fossil of new dinosaur species found in US Hollywood stars help prevent suicide after Twitter alert Prince Philip in strip club gaffe More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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