[BoK Big Step] Ruling Party: "BoK's First Ever Big Step, Government and National Assembly Must Devote All Efforts"

"Possibility of Additional Base Rate Hike... Increasing Public Hardship"
"Opposition Must Abandon Arrogance and Stubbornness to Monopolize the National Assembly"

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Hyun-ji] On the 13th, the People Power Party emphasized that "the government and the National Assembly must devote all their capabilities to overcoming the economic crisis" in relation to the Bank of Korea's first-ever big step (raising the base interest rate by 0.5 percentage points at once).

Yang Geum-hee, the floor spokesperson for the People Power Party, said in a statement on the same day, "Today, the Bank of Korea took the first-ever big step by raising the base interest rate by 0.5 percentage points to 2.25% per annum."

He expressed concern, saying, "Experts predict that inflation will be difficult to control within this year, and the Monetary Policy Committee is considering the possibility of further raising the base interest rate. Above all, the shock of the interest rate hike could exacerbate the pain of the most vulnerable livelihood and economic actors, such as household loan interest including 'yeongkkeul' (borrowing to the limit), and loan interest for small business owners, self-employed individuals, and companies."

He continued, "A safety net and emergency measures for these groups must be prepared, and all efforts should be devoted to overcoming the economic crisis. The roles of the government and the National Assembly for this are clearer and more urgent."

Regarding the Democratic Party of Korea, he said, "We strongly urge them to abandon the arrogance and stubbornness of trying to monopolize the National Assembly in the second half of the year as they did in the first half, and to promptly address the urgent livelihood economy issues."

The Bank of Korea raised the base interest rate by 0.5 percentage points for the first time in history to curb inflation, which has risen to the highest level in 24 years.

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