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Financial News: BoK Unlikely To Hike Rates In Near Term:

BoK Unlikely To Hike Rates In Near Term: Capital Economics

06/04/2018 - 05:29:00 (RTTNews)

(RTTNews) - The Bank of Korea is unlikely to adjust rates in the next meeting scheduled in July, as the headline inflation still remains below its target of 2 percent, Krystal Tan, an economist at Capital Economics, said.

The bank kept its policy rate on hold at 1.50 percent, on May 24. The policy statement gave little indication that it was in any rush to hike rates further.

Although inflation accelerated in April to 1.6 percent, the headline inflation rate remained below the BoK's 2.0 percent target, the economist noted.

Looking ahead, Capital Economics expects inflation to rise only gradually towards the central bank's 2 percent inflation target over the coming months.

The economist observed that the BoK governor didn't seem particularly concerned about the recent sell-off in emerging market assets.

The decent outlook for the global economy this year means Korea's export-dependent economy should hold up reasonably well, the economist pointed out.

In short, a rate hike at the BoK's next meeting in July now looks unlikely, but it is probably too soon to rule out any further tightening altogether, Capital Economics concluded.

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