
Thirteen out of the 14 analysts surveyed forecast the Bank of Korea (BOK) would keep the base rate steady at 2.0 percent on Thursday, with a majority of them expecting rates to start rising in March or in the second quarter.
Following are key comments South Korean officials have made on the country's economy, Asia's fourth-largest, and economic policy since the BOK's previous interest rate meeting on Jan. 8:
FINANCE MINISTER YOON JEUNG-HYUN, at parliament on Feb. 8:
'The economy remains on a recovery trend but growing uncertainties at home and abroad have boosted downside risks, and the private sector has not secured self-recovery power yet.'
FINANCE MINISTER YOON, at a local forum on Feb. 3:
'Heightened worries in global financial markets with possible exit strategies by individual countries according to the speed of their economic recovery indicate some uncertainty. Our economy has not fully restored self-recovery power yet.'
FINANCE MINISTER YOON, in a Reuters interviews on Jan. 28:
'Rates are the most important and the last among exit strategies. The government has a firm stance that now is not a time to raise interest rates yet.'
BANK OF KOREA'S ECONOMIC STATISTICS TEAM HEAD KIM MYUNG-KEE, to reporters on Jan. 26:
'The Q4 GDP growth slowdown is merely a temporary correction and does not mean the economy is headed for a decline.'
FINANCE MINISTER YOON, to reporters on Jan. 21:
'We need growth with employment and get rid of the belief that economic growth will automatically create jobs. So we need to shift the policy paradigm to focus on creating jobs as well as on growth in the future economic management.'
FINANCE MINISTER YOON, at a seminar on Jan. 18:
'If we implement an exit strategy now, that could dampen the strength of an economic recovery.'
BANK OF KOREA GOVERNOR LEE SEONG-TAE, in a statement released after a meeting with central bank officials on Jan. 15:
'Future monetary policy will focus on supporting economic recovery for some time but more vigilance is needed against possible economic imbalances.'
FINANCE MINISTRY, in a statement after a vice ministerial meeting on Jan. 12:
'The government decided to set up measures while closely monitoring supply, demand and price conditions as a recovery in demand and heavy snow and cold weather may boost prices.'
(Reporting by Seo Eun-kyung; Editing by Yoo Choonsik)
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