Bank of Korea Governor Lee Chang-yong: "Interest Rate Cuts Unlikely in the First Half of the Year"

by Lee Changhwan

Published 22 Feb.2024 11:41(KST)

Lee Chang-yong, Governor of the Bank of Korea, is presiding over the Monetary Policy Direction Decision Meeting of the Monetary Policy Committee held at the Bank of Korea in Jung-gu, Seoul, on the morning of the 22nd. Photo by Joint Press Corps

Lee Chang-yong, Governor of the Bank of Korea, stated at a press conference held after the Monetary Policy Committee decided to keep the base interest rate unchanged on the morning of the 22nd that, based on his personal opinion, it would be difficult to lower the base interest rate within the first half of this year.

In response to the question, "Has there been any change in your previous view that it would be difficult to lower the interest rate within six months?" Governor Lee explained that there is not much difference from his previous stance.

Governor Lee said, "We need to look at the data to see what will happen after the first half of this year," adding, "I think we will be able to make a judgment after reviewing the figures during the May economic outlook."