Bank of Korea Governor Shin Hyun-song said Monday that the central bank should have done more to explain its decision to remove country rankings from its foreign exchange reserve data releases, and pledged to correct course.
Responding to questions from People Power Party lawmaker Kim Sang-hoon during a national audit by the National Assembly's Finance and Economy Planning Committee, Shin said the rankings table was first introduced in 2001. "At the time, the trauma of the Asian financial crisis was still fresh, and the rankings were included in press releases as statistics that could inspire confidence," he said.
"Since then, their practical value has gradually diminished," he added.
kimstar@heraldcorp.com
