Lee Ju-yeol "Interest Rates Are Not Determined Solely by Housing Prices"
October 15 National Assembly Planning and Finance Committee 'Bank of Korea' Audit
Bank of Korea Governor Lee Ju-yeol is attending the National Assembly's Public Accounts Committee hearing on the Bank of Korea held on the 15th and is reporting on his duties. Photo by Yoon Dong-joo doso7@
View original image[Asia Economy Reporter Jang Sehee] Lee Ju-yeol, Governor of the Bank of Korea, stated on the 15th regarding the base interest rate decision, "The interest rate is not decided solely based on housing prices."
Governor Lee made this remark during the National Assembly's Planning and Finance Committee audit when Rep. Yoo Kyung-joon of the People Power Party asked about the direction of monetary policy.
Governor Lee said, "It was necessary to correct excessive profit-seeking behavior due to low interest rates, so the base rate was frozen from a financial stability perspective," adding, "I feel that the decision we made after careful consideration is being unduly disparaged." He also stated, "We comprehensively consider bond spreads, credit balance ratios, and various borrowing behaviors."
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Earlier, regarding the causes of the increase in household debt, Governor Lee said, "There are several reasons for the rapid rise in household debt, but I believe the price increase is also a significant factor," and added, "I fully agree with the opinion that the housing market must stabilize to curb household debt."
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