Nominee for Bank of Korea Governor Warns External Risks May Fuel Inflation and Curb Growth

Deep News04-15 10:10

The nominee for the next governor of the Bank of Korea, Shin Hyun-sung, stated during a parliamentary hearing on Wednesday that rising oil prices and exchange rate fluctuations are expected to intensify inflationary pressures.

He indicated that increasing external risks are heightening uncertainty for the South Korean economy, creating upward pressure on inflation while simultaneously restraining economic growth. Growth may fall below the central bank's previous forecasts.

Amid heightened uncertainty, Shin Hyun-sung affirmed that the Bank of Korea will concentrate on its core mandate of maintaining price and financial stability. Monetary policy will be implemented with the objective of supporting sustainable growth.

He is committed to strengthening the central bank's core functions, which include enhancing the international status of the Korean won and building a future-ready monetary ecosystem.

He expressed that excessive appreciation of the USD/KRW exchange rate is undesirable, emphasized that price stability is a prerequisite for steady economic expansion, and assessed the likelihood of stagflation occurring in South Korea as relatively low.

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