Shin Hyun-sung to Review Inflation and Nominal GDP Before October

Shin Hyun-sung, the Governor of the Bank of Korea, stated that he will assess inflation, nominal Gross Domestic Product (GDP), and corporate sentiment indicators before the monetary policy committee meeting in October to determine the timing and pace of any additional interest rate adjustments. During a press conference on the 27th, he mentioned that he would review the inflation indicators for August and September, as well as the preliminary GDP figures for the second quarter. The Bank of Korea raised the benchmark interest rate from 2.75% to 3.00%, marking a 0.25 percentage point increase, which is the second consecutive hike. The Bank believes that the domestic economy continues to grow at a higher-than-expected pace and that inflation rates will exceed target levels. The monetary policy committee emphasized the need to prevent the spread of rising prices and to be cautious of financial stability risks. The indicators that Governor Shin will review are categorized into inflation, growth, sentiment, and income improvement effects, with the inflation data for August and September being assessed first, followed by the preliminary nominal GDP figures for the second quarter to be announced in early September. Corporate sentiment indicators will also be included in the review before the next meeting, which is expected to be a crucial factor in monetary policy decisions. The Bank of Korea plans to closely monitor inflation trends, economic conditions, and financial stability while managing its monetary policy.

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