S. Korean finance minister, BOK governor agree to cooperate in supporting econom

South Korean Finance Minister Choi Kyung-hwan and Bank of Korea (BOK) Governor Lee Ju-yeol agreed Monday to cooperate in supporting their country's economy, reports from Yonhap said.

This was their first meeting during which the two shared the view that South Korea's economy was facing bigger downside risks due to the Sewol ferry disaster in April, a joint statement released after the meeting by the two institutions said.

The two also addressed the concerns on structural problems in the country's economy including an imbalance in domestic demand and exports.

They reached consensus that the two institutions should harmonize economic and monetary policies to support stable growth, the statement added.

The ferry Sewol capsized and sank off the southwestern coast on April 16, leaving more than 300 people, mostly high school students, dead or missing.