SEOUL : South Korea's central bank said the lagged effects of its aggressive streak of monetary tightening would have a bigger negative impact on economic growth this year than in 2022. The Bank of Korea (BOK) estimated that its 300 basis points of rate increases in the current tightening cycle would drag
SEOUL : South Korea's central bank said the lagged effects of its aggressive streak of monetary tightening would have a bigger negative impact on economic growth this year than in 2022.
They are expected to lower consumer inflation by 1.3 per centage points this year, versus 0.4 per centage points a year before, according to the central bank's quarterly monetary policy report submitted to parliament on Thursday. Governor Rhee Chang-yong said on Tuesday it was too early to discuss rate cuts but that the central bank would start to consider them should the inflation rate fall toward 3 per cent near the end of this year.
On foreign exchange, the central bank's monetary tightening relieved, by some degree, the weakening pressure on the Korean won that stemmed from the U.S. Federal Reserve's interest rate hikes, the BOK said.
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