The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    BLACKPINK Jennie's 'Solo' music video hits record high 900 mil. YouTube views

  • 3

    Japanese students' field trips to Korea resume after pandemic hiatus

  • 5

    Lotte desperate to win LVMH Chairman Arnault's heart

  • 7

    President Yoon refutes criticism of fence-mending summit with Japan

  • 9

    Apple Pay service starts in Korea

  • 11

    US report voices concerns over S. Korea's press freedom

  • 13

    Busan to have alternate no-driving days during Expo inspection

  • 15

    Korean firms balk at donating to fund compensating victims of Japan's forced labor

  • 17

    Osstem Implant to invite 1,500 dentists from 22 countries for training

  • 19

    VIDEOMiracle rescue of 200 dogs caged for dog meat

  • 2

    Lee Se-young to lead MBC's new series 'The Story of Park's Marriage Contract'

  • 4

    Possibly next SOHO, Seoul selects 5 neighborhoods for new signature 'K-alleys'

  • 6

    Kakao criticized for half-baked AI chatbot

  • 8

    INTERVIEW'The Flag': Kwon Jin-ah's love letter to people chasing their dreams

  • 10

    Kwon Sang-woo's new series to stream on Disney+ this year

  • 12

    LVMH allegedly joins takeover bid to acquire Missha

  • 14

    Revenge rises as key theme in K-dramas

  • 16

    Shinhan, Woori shine in overseas business

  • 18

    Korean startup Innospace announces successful test launch of space vehicle HANBIT-TLV

  • 20

    MZ generation-led unions flex muscle across board

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Thu, March 23, 2023 | 10:09
Economy
2 monetary policymakers wanted time to gauge impact of tightening: minutes
Posted : 2023-01-31 17:25
Updated : 2023-02-01 08:46
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Bank of Korea (BOK) Gov. Rhee Chang-yong speaks during a press conference at the central bank in Seoul after attending a Monetary Policy Committee meeting, Jan. 13. Yonhap
Bank of Korea (BOK) Gov. Rhee Chang-yong speaks during a press conference at the central bank in Seoul after attending a Monetary Policy Committee meeting, Jan. 13. Yonhap

Two top central bank policymakers expressed worries over the impact of previous rate hikes on the overall economy and wanted to stay put at this year's first rate-setting meeting early this month, minutes of the gathering showed Tuesday.

On Jan. 13, the seven-member monetary policy board of the Bank of Korea (BOK) voted to raise the benchmark interest rate by 0.25 percentage point to 3.5 percent to bring inflation under control.

The rate marked the seventh straight rate increase since April last year, the longest span of tightening, and represented the highest level since late 2008.

Of the seven policymakers, two ― Joo Sang-yeong and Shin Seong-hwan ― voiced their dissent and wanted a rate freeze, BOK Gov. Rhee Chang-yong told reporters during a post-meeting press conference.

One of the two members saw the current interest level as "significantly tightening," according to the minutes.

"Given that rate increases made so far are beginning to affect the real economy and the possibility is high that the economy slows more than expected for this year, I assess the current interest level as significantly tightening," the unnamed board member said, while supporting a rate freeze.

"I determine that it is appropriate to decide on further tightening after looking into the extent of impact from previous tightening, path of the real economy and other external conditions," he added.

Another unnamed member called for a rate freeze, expressing worries that economic vitality could be excessively undermined if the BOK delivers a further increase in borrowing costs.

"As the terminal interest rate will likely be here to stay for a significantly long period of time, it is necessary to stay cautious against the possibility of the economy getting excessively contracted," he said.

He, in particular, pointed to worries over the slumping real estate market and continued decline in private credit that had led to a contraction in money supply. (Yonhap)


 
LG Group
Top 10 Stories
1Korean firms balk at donating to fund compensating victims of Japan's forced laborKorean firms balk at donating to fund compensating victims of Japan's forced labor
2Sexual assaults by Korean diplomats continue despite zero-tolerance policy Sexual assaults by Korean diplomats continue despite zero-tolerance policy
3Main opposition leader indicted, faces calls to resignMain opposition leader indicted, faces calls to resign
4Consumers choose to travel abroad over purchasing luxury goods Consumers choose to travel abroad over purchasing luxury goods
5World water day World water day
6Outback Steakhouse sees sales soar as it opens stores in large shopping malls Outback Steakhouse sees sales soar as it opens stores in large shopping malls
7Samsung, SK avoid worst-case scenario as US 'guardrails' are less stringent than feared Samsung, SK avoid worst-case scenario as US 'guardrails' are less stringent than feared
8Korean pension fund hit by overseas banking crisis Korean pension fund hit by overseas banking crisis
9[INTERVIEW] Retired FSC chief finds inspiration exploring Koreans' ancestral roots INTERVIEWRetired FSC chief finds inspiration exploring Koreans' ancestral roots
10Campaign launched to promote equal treatment for multicultural families Campaign launched to promote equal treatment for multicultural families
Top 5 Entertainment News
1Lee Se-young to lead MBC's new series 'The Story of Park's Marriage Contract' Lee Se-young to lead MBC's new series 'The Story of Park's Marriage Contract'
2[INTERVIEW] 'The Flag': Kwon Jin-ah's love letter to people chasing their dreams INTERVIEW'The Flag': Kwon Jin-ah's love letter to people chasing their dreams
3Kwon Sang-woo's new series to stream on Disney+ this year Kwon Sang-woo's new series to stream on Disney+ this year
4Revenge rises as key theme in K-dramas Revenge rises as key theme in K-dramas
5From sky to deserted islands, two artists' documentation of nature adds surreal touch to reality From sky to deserted islands, two artists' documentation of nature adds surreal touch to reality
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group