Bank of Korea Governor Nominee Advocates for Appropriate Response to Excessive USD/KRW Appreciation

Deep News10:40

The nominee for Governor of the Bank of Korea, Shin Hyun-song, stated that an appropriate response is necessary if the USD/KRW exchange rate experiences excessive appreciation. In written responses submitted to lawmakers ahead of an April 15 hearing, Shin indicated that a significant rise in the dollar against the won would intensify inflationary pressures and increase burdens on businesses and households. He noted that upward pressure on USD/KRW could ease if the Middle East situation is resolved properly, South Korea's external economy remains robust, and inflows from inclusion in the World Government Bond Index (WGBI) materialize. Regarding foreign reserves, Shin commented that recent minor declines do not signal a crisis, affirming that current reserve levels are sufficient to cushion against external shocks. He also mentioned that an additional budget would boost GDP growth by 0.2 percentage points, with limited potential to stimulate inflation. When asked about the most critical factor in future benchmark interest rate decisions, Shin highlighted the growing inflationary pressures following the Iran conflict.

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