Bank of Korea (BOK) Governor Shin Hyun-song stated today, July 16, that he will "keep all possibilities open" regarding a potential base rate hike in August.
Following the BOK Monetary Policy Committee's decision to raise the base rate from 2.50% to 2.75% per annum, Governor Shin said during a press conference, "The path of monetary policy is not predetermined." He added, "There is a lot of important data to come, so I cannot say for certain in one direction."
When asked how long he expects the inflation rate to remain above the target level, he replied, "The situation is bound to change depending on the response of monetary policy." He further noted, "If monetary policy is implemented effectively, it will not remain above the target level for a long time."
(Photo: Yonhap News)