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Post-pandemic monetary policy in Korea - toward an integrated policy framework

· Chang Yong Rhee, Governor of the Bank of Korea (South Korea)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, inflation and price stability, financial stability, banking regulation and supervision

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· Chang Yong Rhee Wiki · Bank of Korea WikiPost-pandemic monetary policy in Korea - toward an integrated policy framework

ContextKeynote speech by Chang Yong Rhee, Governor of the Bank of Korea, at the joint 2025 conference of the Bank of Korea (BOK), the Asian Development Bank (ADB), and the Journal of International Money and Finance (JIMof), Seoul, 16 July 2025.

Why it mattersKorea's governor explains how household debt and currency swings shaped the pace of rate cuts after the pandemic.

Problems raised
  1. Korea's household debt is a structural vulnerability.
  2. Exchange rate volatility limited rate cuts.
  3. Inflation risked becoming entrenched.
Solutions proposed
  1. Coordinate monetary and macroprudential policies.
  2. Manage inflation expectations in time.
  3. Rely on Korea's net foreign assets to absorb shocks.
Read full speech on bis.org ↗

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