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Bank of Korea Mulls Assessing External, Internal Conditions for Further Monetary Tightening

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The Bank of Korea mulls assessing changes in external and internal policy conditions, including the impact of its previous two rate hikes, to assess the timing for further monetary tightening, Reuters reported Thursday, citing a board member.

The South Korean central bank board member said Kim Jong-hwa said economic growth is expected to remain strong, while inflation was likely to stay above its target for an extended period.

The central bank raised its benchmark rate by 50 basis points, from 2.50% to 3.00% last month, a second consecutive rate increase as inflation remained above its target, driven by rising global oil prices and booming semiconductor exports.

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