BOK lowers growth forecasts to bolster rate cut expectations

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BOK lowers growth forecasts to bolster rate cut expectations - Korea Economic Daily

Quick Summary:

South Korea’s central bank slashed its economic growth forecasts on Monday, adding to views that the monetary authority will cut interest rates to revive Asia’s fourth-largest economy, dampened by political turmoil in the wake of a martial law declaration and US trade protectionism.

Rhee said the BOK kept the borrowing cost unchanged as the Korean won depreciated further due to the lingering political crisis.“The political changes significantly affected the won,” Rhee said.“The current (dollar/won) exchange rate is much higher than that which reflects the country’s economic fundamentals and interest rate differentials with the US.”The won has lost 3.8% against the dollar since the martial law declaration.

The central bank has been widely predicted to lower its policy rate in February after unexpectedly keeping it unchanged at 3.00% last week.“We expect the Bank of Korea to resume interest rate cuts in February,” ING said in a note after the BOK’s decision on Jan.16.