Lee Chang-yong: "I Will End the Fight Against Inflation This Year"

President Lee Chang-yong's New Year's Address at the Pan-Financial New Year Meeting

Lee Chang-yong, Governor of the Bank of Korea, stated on the 3rd, "The external conditions this year also do not seem favorable," adding, "We will strive to successfully conclude the fight against inflation in the last mile through a precise policy mix."

Governor Lee made these remarks while attending the '2024 Pan-Financial New Year Meeting' held at Lotte Hotel in Jung-gu, Seoul, saying, "Amid high uncertainty in the international situation due to geopolitical risks and major countries' elections, global economic growth is expected to weaken."

He added, "Nevertheless, it is encouraging that our economy is expected to improve moderately even as major countries face economic slowdowns," and said, "There is now greater room to place more weight on domestic conditions in the policy decision process." This means that with the near end of the major countries' interest rate hike cycle, monetary policy decisions can focus more on domestic circumstances.

Regarding the recently surfaced real estate PF (Project Financing) issue, he said, "We must thoroughly prepare for the possibility of financial instability that may be triggered during the ongoing tightening phase," and mentioned, "In the case of real estate PF, where some risk signals have been detected, the Bank of Korea will also contribute to achieving financial stability through cooperation with the government and financial institutions during an orderly resolution process."

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