BOK Raised Inflation Concerns, Interest Rate Cut Timing Indefinite

IconCryptoNewsTerminal Staff23 May, 2024

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BOK Raised Inflation Concerns, Interest Rate Cut Timing Indefinite

According to Yonhap News, Bank of Korea (BOK) Governor Lee Chang-yong stated that "uncertainty surrounding the timing of the base rate cut has intensified" on the 23rd. Following the Monetary Policy Committee's decision to maintain the base rate, Governor Lee explained at a press conference that "while interest rate cuts are anticipated in the second half of the year, we are confronted with rising inflationary pressures." During the meeting, six monetary policy committee members, excluding the governor, suggested leaving open the possibility of a rate reduction, while the remaining five favored maintaining the 3.5% rate for three months.

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