Korea's overall wealth grew at a slightly slower pace in 2020 on-year, central bank data showed Thursday, amid the COVID-19 pandemic that took a heavy toll on the nation's economy.
One member of the Bank of Korea’s seven-member monetary policy board dissented at the rate-setting meeting Thursday, arguing that the base rate should be taken from the historic low 0.5 percent to 0.75 percent.
Bank of Korea Gov. Lee Ju-yeol hinted at a potential rate hike within the year during his commemoration speech for the central bank's 71st anniversary on Friday.
It's too early to worry about inflation and raise interest rates, Bank of Korea Gov. Lee Ju-yeol said in a written statement to reporters Tuesday.
It's too early to worry about inflation and raise interest rates, Bank of Korea Governor Lee Ju-yeol said in a written statement to reporters Tuesday.
The Bank of Korea on Thursday projected a 3 percent economic growth rate for 2021, maintaining its estimate from November last year, as it held rates steady and dismissed inflation as a concern.
Bank of Korea Gov. Lee Ju-yeol said the central bank will maintain an accommodative monetary policy in 2021 to help the country recover from the economic damage caused by Covid-19.
Remote work is here to stay, even after the pandemic ends, while the structure of our metropolitan areas could change permanently with the drop in demand for office space, the central bank predicts.
The approach to the current economic crisis differs greatly from the approaches to earlier crises. Because the economic environment has changed so much since 1997 and 2008.
The central bank considers the coronavirus crisis worse than the global economic meltdown a decade ago, and warns recovery will be slow. it said the global economy will remain volatile until a vaccine is developed.