SEOUL: Two Bank of Korea board members said there is a need to raise policy interest rates in near term , minutes released on Tuesday of the July 12 board meeting showed, raising the odds of a rate hike in coming months.
"Before too late, benchmark interest rates needs to be raised to adjust the extent of accommodation in monetary policy," one anonymous board member said on July 12 meeting when the bank voted 6-1 to held its base rate steady at 1.50 percent .
Another board member said its time to "make up minds on when to raise interest rates" while closely checking inflation trends.
Only dissenters are identified in minutes.
Lee Il-houng, the sole July 12 dissenter for a rate hike among the bank's seven board members, said interest rate needs to be raised to 1.75 percent to address imbalances in financial markets.
BOK has seven voting board members, including Governor Lee Ju-yeol.
Comments
Comments are closed for this article.