Bank of Korea Governor Lee Chang-ryong: This year's economy may grow by 2.2%, cautious about fluctuations in the South Korean won exchange rate
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Bank of Korea Governor Lee Chang-ryong stated that South Korea's economic growth rate this year may be close to 2.2%, lower than previous forecasts. Due to weak exports, GDP only grew by 0.1% in the third quarter, below market expectations. Lee Chang-ryong is cautious about exchange rate fluctuations, hinting at possible intervention in the foreign exchange market. The Bank of Korea has already lowered the benchmark interest rate to 3.25% and shifted its focus to economic growth. Although it is expected to keep the interest rate unchanged in November, speculation about further easing measures is increasing
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