BoK Governor Shin says Middle East war uncertainty persists and oil stability is to take time to return, adds local growth expansion driven by semiconductor boom

Says: Need to raise interest rates at some point in the future. Sees a need for a base rate hike at an appropriate time. Policy path is very clear, with a restrictive stance ahead while factoring in FX, growth and inflation. Wider BoK dot plot range reflects a high degree of uncertainty. CPI is seen remaining above target for a considerable period. Need to monitor whether CPI and growth follow the expected path. Inflationary pressures are emerging. Cost of living is seen rising in South Korea. Strong growth is seen continuing in the coming months. Other indicators suggest inflation pressures remain.