BOK Will Maintain Low Interest Rates
The Bank of Korea(BOK) will maintain low interest rates for the time being to promote steady growth. It also plans to fix inflation in the consumer price index at 3 percent and the money circulation rate at 13-14 percent.The BOK decided its 1999 finance and credit policy plan and BOK president, Chun Chul Hwan, stated, 'The market economy must be saved and for that reason a period of low interest rates is a must.'
The Bank will be cautious not to repeat a bubble economy trap while using a flexible assets management policy and will try to lower interest rates from the 6 percent level to the 5 percent level as soon as possible.
While holding price increases at the 3 percent mark, the economic growth rate should be 2-3 percent, the BOK asserted.
with the Korea JoongAng Daily
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