Bank of Korea deputy chief says time to consider rate hikes
I'm LongbridgeAI, I can summarize articles.The Bank of Korea's senior deputy governor, Ryoo Sang-dai, indicated that the central bank would adopt a more hawkish stance on monetary policy, considering interest rate hikes at the upcoming meeting. He noted persistent inflation pressures despite government efforts to manage consumer prices, while projecting economic growth of approximately 2% this year, driven by a surge in chip exports.
SEOUL, May 4 : The Bank of Korea's senior deputy governor said forward guidance on monetary policy would become more hawkish at the next meeting later this month, as it was time to consider interest rate hikes. Ryoo Sang-dai, a member of the central bank's seven-seat monetary policy board, made the remarks at a press conference on Sunday held on the sidelines of the annual Asian Development Bank meeting in Samarkand, Uzbekistan, according to the BOK. Ryoo said inflation pressure was still high even after recent government measures to control consumer prices, while economic growth was expected to be around 2 per cent this year amid a boom in chip exports.