Central Banker Hints Rate Cut
Bank of Korea Governor Chon Chol-hwan hinted at lowering key interest rates Wednesday.Speaking to the National Assembly's Finance and Economy Committee, the governor said the central bank will act if necessary to counteract a deep economic slump and stabilize financial markets.
"External factors have worsened, which could make the nation's economic recovery take longer than expected, and the nation's financial markets are unstable. But we will be also keeping in mind on the won's movement against the U.S. dollar," he said.
Mr. Chon said sluggish exports will lower this year's economic growth rate, but said investment and consumption are showing signs of improvement. With an expected third-quarter recovery in the U.S. economy, he said, Korean growth will pick up in the second half.
with the Korea JoongAng Daily
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