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Bank of Korea's new chief vows cautious, flexible policy amid Iran risks
Shin Hyun-song said rising oil prices and market volatility require price and financial stability, and he outlined four policy priorities.
- On Tuesday, newly appointed Bank of Korea Governor Shin Hyun-song pledged a "prudent yet flexible" approach to safeguard price and financial stability amid growing uncertainties from the Middle East conflict.
- Shin noted that global oil prices surged by the Middle East conflict are fueling inflation while simultaneously weighing on South Korea's economic growth.
- Governor Shin identified four priorities for his four-year term: flexible monetary policy, stronger financial stability frameworks, digital financial innovation, and introducing 24-hour foreign exchange trading for the Korean won.
- Breaking from his previous skepticism, Shin now supports CBDCs and stablecoins, aligning with President Lee Jae Myung and the Democratic Party's campaign pledge to introduce won-based stablecoins.
- The central bank will play an active role in structural economic reforms, which Shin described as a "key variable" that could impact monetary policy effectiveness long-term.
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New Strait Times
New Strait TimesBank of Korea's new chief says monetary policy has to be cautious and flexible
SEOUL, April 21 : South Korea's newly-appointed central bank governor said on Tuesday monetary policy needed to be cautious and flexible amid heightened inflation and growth uncertainty due to the Middle East conflict. "As uncertainty has increased over inflation and growth paths due to the supply shock cause
·Singapore
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Total News Sources17
Leaning Left2Leaning Right2Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
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