South Korea's Central Bank Deputy Governor Indicates Continued Rate Hikes, Future Steps Depend on Data

On August 11, South Korea's Senior Deputy Governor Yoo Sang-dae stated that it is currently necessary to continue raising interest rates, and the pace of future hikes will be adjusted based on changes in economic growth and inflation data. Unless there are significant shocks or special factors, the likelihood of further rate increases is high. The Bank of Korea had previously raised rates for the first time in three and a half years and signaled the possibility of continuing to tighten monetary policy. He emphasized that current policy-making needs to focus on growth and inflation prospects and determine the subsequent policy path based on exports, consumption, and other economic data. Recently, South Korea's economy has been supported by semiconductor exports driven by the AI industry, showing stronger-than-expected growth, which has also increased inflationary pressures.

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