Park Seung
Park Seung
Park Seungwas the Governor of the Bank of Korea; his four-year term ended on the 31st of March 2006. He kept South Korean interest rates at historic lows but was blamed for contributing to a real-estate market that saw spiralling prices and controversial accusations of speculation...
domestic due economic high oil posting pressures recovery robust service
Domestic consumption is very robust and manufacturing and service outputs are posting faster-than-expected growth. There are latent inflationary pressures due to the economic recovery and persistently high oil prices.
bank based central change consider consumer economic finance gradual interest monetary needed perception point policy prices raise rates send share shock signal view
We have approached a point where we need to consider a gradual change in monetary policy. We share this view with the Finance Ministry. Monetary policy is based on economic growth, consumer prices and allocation of resources. The perception that the central bank would not raise interest rates had been prevalent, so I needed to send a signal not to shock the markets.