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(M2) Correction Extends

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Late Session Rebound

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(M2) Corrective Cycle Remains In Play

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(M2) Gains Still Considered Corrective

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BoK Governor Lee's Comments:

SOUTH KOREA

BOK'S lee: to maintain accommodative stance for awhile - BBG

  • Today's decision was unanimous
  • Need to more monitor vaccine rollout, pandemic situation
  • Extra budget would raise GDP growth by 0.1-0.2ppts
  • Concerned about acceleration of household debt
  • Growth may top forecast under optimistic scenario
  • Should minimize burden on household with gradual normalization
  • Need to adjust extraordinary steps in line with economy
  • Should think about side effect from prolonged easing stance
  • Preparing for orderly adjustment of policy stance
  • Potential rate hike, this year depends on economic recovery
  • Current monetary policy is substantially accommodative
  • USD/KRW not moving on the comments, which are broadly in-line with expectations. A positive outlook for the economy with a healthy dose of caution around the pandemic. Drops first hints of considering rate hikes down the line, again in line with expectations.

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