Most BOK board members say no need to rush to cut interest rates, minutes show

SEOUL : Most of the Bank of Korea’s (BOK) seven board members think monetary policy needs to stay restrictive for now to bring inflation down to its 2 per cent target as supply-side uncertainties persist, minutes of the April 12 meeting showed on Tuesday.

South Korea’s central bank said at the meeting that greater uncertainty on the inflation outlook and the strength of exports argued against a near-term push to cut interest rates as the bank left the policy rate steady at a 15-year high of at 3.50 per cent as expected.