New Bank of Korea Chief Vows Prudent and Adaptable Monetary Policy Amid Middle East Turmoil

Deep News04-21

The newly appointed Governor of the Bank of Korea, Shin Hyun-sung, pledged on Tuesday to maintain a cautious and steady monetary policy approach as uncertainties intensify due to the ongoing crisis in the Middle East.

Shin Hyun-sung made the remarks during his inaugural address, officially commencing his four-year term as he succeeds outgoing Governor Lee Chang-yong.

"Following the Middle East conflict, rising global oil prices have simultaneously heightened upward pressure on inflation and downward pressure on economic growth, while financial market volatility has increased and risks of financial imbalances persist," Shin Hyun-sung stated.

"Given the uncertainties surrounding the paths of inflation and economic growth, monetary policy should be implemented with caution and flexibility to ensure stability in prices and financial markets," he added.

Shin Hyun-sung also committed to enhancing the effectiveness of monetary policy by reassessing existing policy tools to alleviate complex trade-offs among policy variables, and by actively utilizing market price indicators to "strengthen early warning capabilities."

During its most recent rate-setting meeting earlier this month, the Bank of Korea held the benchmark interest rate steady at 2.5%. The central bank has adopted a guarded stance as the conflict involving Iran, which erupted in late February, has escalated into a broader regional crisis, unsettling global markets and economies.

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