Lee Ju-yeol "Interest Rate Hike Inevitable Despite Repayment Burden on Vulnerable Groups"

October 21 National Assembly Planning and Finance Committee Audit

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Lee Ju-yeol, Governor of the Bank of Korea, stated that despite the repayment burden on vulnerable groups due to the base interest rate hike, raising interest rates is inevitable.

On the 21st, during the comprehensive audit of the National Assembly's Planning and Finance Committee, in response to a question from Jeong Seong-ho, a member of the Democratic Party of Korea, Governor Lee said, "When interest rates are raised, vulnerable groups who do not feel economic recovery inevitably experience repayment burdens, but it is unavoidable in terms of monetary policy."

He added, "Raising interest rates is done considering inflation, economic conditions, and the macroeconomy," and said, "The Bank of Korea will do its best to support vulnerable groups, but monetary policy must proceed accordingly."

Furthermore, he stated, "I believe that other policies, such as fiscal policy, should be utilized to support vulnerable groups."

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