BoK says rate decision was not unanimous as Board Member Hwang dissented on rate decision, while inflation is projected to remain above target level for a considerable time

Says: 6 of 21 policy rate projections by board members for the next six months are at 3.50%. 10 of 21 policy rate projections by board members for the next six months are at 3.25%. 5 of 21 policy rate projections by board members for the next six months are at 3.00%. Inflation is projected to remain above the target level for a considerable period. Domestic economy is expected to maintain robust growth as exports and investment sustain strong growth. BoK will continue conducting monetary policy to stabilise consumer price inflation at the target level. Recovery in consumption is expected to gradually accelerate. BoK will decide the timing and pace of further increases in the base rate. BoK will assess inflation and the domestic economy alongside financial stability. Need to monitor household debt growth. Uncertainties remain over the degree of expansion in the chip sector, developments in the Middle East and changes in the trade environment. Inflation is expected to remain above the target level for a considerable period.