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BOK: Governor Rhee Plays Down Expectations Of Imminent Cut

BOK
EM BulletBulletSouth KoreaAPACEmerging Market News

Bloomberg runs an interview with Bank of Kore Governor Rhee Chang-yong, who pushes back against speculation that the central bank could cut interest rates this month. Rhee notes that a cut is not "almost inevitable" this month as monetary easing can't solve every problem.

  • The Governor says that "monetary policy and fiscal policy both have room for more accommodative policies" but emphasised that "more fiscal stimulus is necessary."
  • Rhee says that any forward guidance is "conditional" and its materialisation depends on a variety of factors, including the exchange rate.
  • The Governor says that he "wouldn't say that [the current exchange rate] is a new normal." The won weakened on the back of domestic political turmoil in Korea.
  • The Board will next meet to decide on rates on February 25.
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Bloomberg runs an interview with Bank of Kore Governor Rhee Chang-yong, who pushes back against speculation that the central bank could cut interest rates this month. Rhee notes that a cut is not "almost inevitable" this month as monetary easing can't solve every problem.

  • The Governor says that "monetary policy and fiscal policy both have room for more accommodative policies" but emphasised that "more fiscal stimulus is necessary."
  • Rhee says that any forward guidance is "conditional" and its materialisation depends on a variety of factors, including the exchange rate.
  • The Governor says that he "wouldn't say that [the current exchange rate] is a new normal." The won weakened on the back of domestic political turmoil in Korea.
  • The Board will next meet to decide on rates on February 25.