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Hike Not Unanimous


In the post-announcement press conference BoK Governor Lee said that one member opposed the hike. The fact that the hike was not unanimous could indicate opposition to further hikes down the road.

  • Lee said that the hike was undertaken for three reasons: a continued economic recovery, inflationary pressure and accumulation of financial imbalance.
  • Lee said consumption is recovering and consumers have scope to spend, and therefore it's hard to say that Korea has fallen into a "debt trap." Lee added that the hit from the current wave of the virus is not as serious as the first.
  • 3-Year future comes off lows after the remark that the hike was not unanimous while USD/KRW continues to make new session highs after an initial dip lower.

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