|
Bank of Korea Governor Lee Seong-tae on Thursday said it was ˇ°prematureˇ± to declare turbulence in the financial market over. September crisis rumors may have been weathered, but there are still some destabilizing factors. In a regular meeting of the Monetary Policy Committee, the BOK froze the key interest rate at 5.25 percent.
Lee said Korean stocks and the exchange rate are very much exposed to the outside, and ˇ°because the global financial market including the Korean market is so closely linked to the U.S. real estate market, it will be difficult to regain stability any time soon.ˇ± He added the price of oil is unlikely to go down very much.
On the reason why the key interest rate remained unchanged, Lee reasoned that although exports continue to increase, domestic indices are less favorable as spending and investment are slow. ˇ°The economy continues to slow down, and the financial market is showing instability,ˇ± he said.
(englishnews@chosun.com )
|
