Bank of Korea Governor Lee Chang-yong: "The Monetary Policy Committee Will Independently Decide on Interest Rate Cuts"

Lee Chang-yong, Governor of the Bank of Korea
Photo by Joint Press Corps

Lee Chang-yong, Governor of the Bank of Korea, emphasized that future base rate decisions will be made independently by the Monetary Policy Committee.

Governor Lee made this remark on the 18th during a briefing at the Bank of Korea on the review of the inflation targeting operation for the first half of 2024, in response to the question, "Can we say that we are one step closer to a rate cut?"

He stated, "The inflation path is progressing roughly as expected last month, but there may be various opinions on whether inflation has fully converged to the target level."

He added, "We need to wait for the July Monetary Policy Direction Meeting to discuss with the MPC members, and we also need to look at more data."

Regarding Seong Tae-yoon, Policy Chief at the Presidential Office, who evaluated in a broadcast interview on the 16th that "the environment is becoming conducive to a rate cut," Governor Lee mentioned that there can be diverse opinions on this.

He responded, "I am hearing various opinions about what others say regarding interest rates," and added, "I do not see any issues related to independence or such matters."

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