New BOK senior deputy gov. calls for prudent, flexible monetary policy
The new senior deputy governor of the Bank of Korea (BOK) said Friday that monetary policy should be implemented in a prudent and flexible manner as expectations grow for a rate hike at next week's policy meeting amid accelerating inflation. "While raising interest rates can have certain policy benefits, there may also be side effects," Senior Deputy Gov. Kwon Min-soo told reporters after his…
The newly appointed senior deputy governor of the Bank of Korea (BOK) has expressed the need for a balanced and cautious approach to monetary policy, as inflation continues to rise. Senior Deputy Gov. Kwon Min-soo, in a statement following his inauguration, emphasized that while raising interest rates may offer certain benefits, there are also potential drawbacks to consider.
He stressed the importance of making decisions that are both growth-oriented and inflation-focused, while also safeguarding financial stability. Kwon began his four-year term as senior deputy governor on Friday and will participate in the Monetary Policy Board's decision-making starting with the upcoming rate-setting meeting this Thursday.
His comments follow the board's decision to increase the benchmark interest rate by 0.25 percentage points to 2.75 percent during their last meeting in July. The central bank has consistently highlighted its commitment to curbing inflation.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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