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BOK Governor Continues to Target Housing Sector.

SOUTH KOREA


  • BOK Governor Rhee doubled down on recent comments about the housing sector characterizing last week’s decision on rates a ‘wake up call’.
  • “This decision reflected the hope to raise an alarm at least once that this vicious cycle (of real estate and household debt growth) is not desirable,” Rhee said yesterday.
  • His comments come at a time when officials from the Presidential Office have expressed their disappointment over the BOK’s decision to leave rates on hold for the 13th month straight, raising concerns about domestic consumption.
  • Korea has one of the highest household debt levels in the region, an area of concern that the BOK governor has spoken to consistently.
  • Whilst the BOK’s independence is not in question, this shows the dichotomy that exists within the economy at present at a time when government plans are underway to provide fiscal support to the economy to boost consumption.
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