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Korean central bank delegation pays visit to the MNB under Hungarian-Korean memorial year

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On the occasion of the 30th anniversary of the establishment of diplomatic relations between South Korea and Hungary, György Matolcsy received a delegation headed by the Korean central bank’s Governor in his office. A joint discussion was conducted about cooperation between the two institutions. No visit has been paid by representatives of the Bank of Korea at such a high level since diplomatic relations were established.

Thirty years ago Hungary was the first among the Central and Eastern European countries to establish diplomatic relations with South Korea, and both countries consider this year’s major anniversary as a memorial year. Prior to the official establishment of diplomatic relations, South Korea and Hungary had friendly connections, as South Korea extended her sympathy after the Hungarian Revolution of 1956 had been crushed. One of the most famous Korean poets even composed a poem about the events in Budapest.

To commemorate the memorial year, a delegation of the highest level arrived in Hungary for the first time in the history of the Bank of Korea. Before conducting professional consultations on long-term sustainable economic policy, the future of monetary policy and possible cooperation between the two institutions, Juyeol Lee, Governor of the Bank of Korea, Kyoo-Sik Choe, the Republic of Korea's Ambassador to Hungary and representatives of the Bank of Korea’s high-level management had been received by György Matolcsy and the MNB’s experts.

György Matolcsy underlined that technological progress and, on a related note, the future of money were key global challenges central banks had to face. To tackle these challenges, central banks would require new approaches in long-term sustainable economy and joint thinking as well as cooperation. In addition to professional and economic relations, culture also plays a crucial role in the Korean-Hungarian partnership, and he expressed his hope that the range of cultural events might be widened further in the future. As a symbol of strengthening the relations, he also presented a unique plaque of a commemorative coin to the Korean delegation, featuring the mythological symbols of particular importance in the two nations’ culture: the Hungarian Miraculous Deer and the Korean three-legged crow with the representation of the Sun, the samjogo, in addition to the Hungarian and the Korean flags. Governor Juyeol Lee expressed his respect to the Governor of the Magyar Nemzeti Bank and the Hungarian people. The Governor believed that successful economic cooperation between the two countries was well illustrated by the fact that the Republic of Korea became the largest investor in Hungary in the first half of 2019, which was the result of the traditional cultural connections between the two countries, in addition to the economic environment.

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