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BOK Chief Vows to Continue Easing Monetary Policy to Prop Up Economy

Write: 2021-02-23 11:32:55Update: 2021-02-23 15:41:53

BOK Chief Vows to Continue Easing Monetary Policy to Prop Up Economy

Photo : YONHAP News

The head of South Korea's central bank vowed to continue easing monetary policy to bolster the nation's sluggish economy amid a global pandemic.

At a meeting of the parliamentary finance committee on Tuesday, Bank of Korea(BOK) Governor Lee Juyeol determined that the uncertainty over recovery remains high, despite signs of a modest rebound in exports and investment.

While consumption remains dismal amid social distancing, Lee expected job markets to recover at a slow pace as COVID-19 continues to plague the service sector.

The BOK ascertained that the virus' resurgence and border lockdowns since the fourth quarter of last year has impeded that the global economic recovery.

Growth in the United States and the eurozone has been stagnant amid sluggish consumption, with China being the only major economy to post a sustained recovery in exports and domestic spending.

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