Global EconomyIMPORTANT
BoK Governor Shin says inflationary pressure looks like it is here to stay, and back-to-back rate hike was necessary to preemptively respond, and needed to act by raising interest rates before inflationary pressures grow further
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BoK Governor Shin defended consecutive rate hikes against persistent inflation, noting won stabilization eases import costs while special loan programs remain available for small businesses.
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Says: USD/KRW market has somewhat stabilised, but is still at a high level. Recent resurgence in the KRW should help ease import costs, and KRW may strengthen further against USD. Small to medium sized businesses can access special loan programs by the BoK.
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