Bank of Korea Governor Lee Ju-yeol says any adjustment to the benchmark interest rate will depend on circumstantial changes. 

Lee reiterated his principle at a meeting on Tuesday, dismissing a call for a rate cut based on current economic difficulties, describing it as too simplistic. 

He said the central bank’s mission is to take into account comprehensive situations, including inflation, macroeconomic conditions and local financial stability. 

He noted growing uncertainty surrounding the South Korean economy, such as the protracted trade spat between the U.S. and China, and slumping semiconductor industry, but also cautioned against the implication of a rate change on financial stability. Overall, he said, the current monetary policy is not considered to be disrupting economic activities. 

Earlier this month, he hinted at a possible rate cut while stressing the need to take “appropriate measures” to deal with changing economic conditions.