SEOUL, 28th October, 2024 (WAM) -- Bank of Korea (BOK) Governor Rhee Chang-yong said exchange rates have emerged as a major factor again in deciding on policy rates, according to the central bank Sunday.
The central bank governor made the remarks in a press conference on the sidelines of meetings of the Group of 20 finance ministers and central bank chiefs and the International Monetary Fund-World Bank Group in Washington, DC.
"The exchange rates have risen far above what we hoped for, and the pace of (the dollar's) growth (against the won) is faster than expected," Yonhap News Agency quoted the BOK governor as saying, adding that exchange rates were factored in the central bank's latest rate decision this month.
On 11th October, the BOK cut its benchmark interest rate by 25 basis points to 3.25 percent, marking the first reduction since August 2021.