BOK opens blog for better communication with market on policy steps

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BOK opens blog for better communication with market on policy steps

The Bank of Korea (BOK) said Tuesday it has opened a digital blog on its official website to share comments and explanations on its monetary policy and other policy steps as part of efforts to enhance communication with market players.
The blog in the communication section of the website first uploaded two posts regarding the central bank's recent rate hike decision and revisions on inflation and economic growth outlooks. They were written by senior BOK officials.
"The BOK has launched the blog to share opinions of its executive and staff members on pending financial and economic issues," a BOK official said.
The BOK said posts on the blog are personal opinions of its officials and do not represent the central bank's official policy direction.
The launch came as BOK Governor Rhee Chang-yong is seeking to boost transparency in policymaking and avoid any misunderstanding and confusion with the market on the central bank's policy steps.
On Monday, Rhee held a "financial consultation meeting" with leaders of local banks, an occasion that had been suspended for years due to the pandemic. During the closed-door meeting, Rhee explained the reasons for the BOK's rate hike decision last week.
Last Thursday, the BOK raised the policy rate by a quarter percentage point to 1.75 percent, the fifth rate increase since August last year, as it strives to tame surging inflation.
The central bank also sharply raised its 2022 inflation outlook to a 14-year high of 4.5 percent from its previous 3.1 percent estimate. It lowered its growth forecast for the Korean economy to 2.7 percent from 3 percent.
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