The Bank of Korea is signaling a potential shift in monetary policy. Senior Deputy Governor Ryoo Sang-dai stated Sunday that it is time for the central bank to consider raising interest rates.
Speaking on the sidelines of the Asian Development Bank meeting in Samarkand, Uzbekistan, Ryoo said forward guidance on monetary policy will become more hawkish at the upcoming meeting later this month. He noted that inflation remains elevated despite recent government measures, while economic growth is projected around 2 percent this year, fueled by a boom in chip exports.