Let's delve further into how the rate hike decision by the Federal Reserve might impact
the South Korean economy.
We have our Kim Ji-yeon, who is at the Bank of Korea, on the phone.
Ji-yeon, the consensus is that the impact of the Fed's decision on the Korean economy
will be limited.
That's right.
BOK Governor Lee Ju-yeol told reporters earlier this morning that he does not interpret the
move by the Fed as a sign of preferring aggressive fiscal measures despite the Fed's decision
to raise its growth trajectory for the U.S. economy.
Authorities at the BOK say there were no immediate signs of capital flight from the country...
since the move by the U.S. Fed has been widely expected.
It also pointed to Korea's strong fundamentals, with the economy forecast to grow 3-percent
this year on booming exports.
But the BOK says further tapering of U.S. assets could impact Korea's interest rates
in the long-term.
To counter such risks the BOK has already raised its benchmark interest rate by a quarter-percent
to one-point-five-percent last month,... its first rate hike in nearly seven years.
Although the move has been widely expected,... it has raised concerns that the rate hike
would increase the burden of the one-point-three-trillion U.S.
dollar household debt... since it would severely affect homeowners' ability to repay their
debts and raise the risk of people defaulting on their housing loans.
The BOK played down the possibility of the worsening household debt issue, saying the
government is laying out countermeasures.
This refers to a series of measures earlier this year to curb housing speculation... by
making it harder for people with multiple houses to borrow money to buy real estate.
While the BOK dismissed the possibility that a rate gap is the sole reason for capital
flight, it says such a decision will be made only after taking into account various factors
including the recovery pace of the local economy, inflation prices, financial stability and
risks... shaking off market expectations that it'll raise rates in February or in July next
year... when the new BOK Governor is announced.
The BOK has previously projected that the Fed would raise rates up to three times next
year... and vowed to take pre-emptive measures to manage external risks... by strengthening
its monitoring of the nation's financial markets and coming up with countermeasures.
Back to you.
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