Bank of Korea Gov. Shin Hyun-song speaks during a conference, June 1. Yonhap
Bank of Korea (BOK) Gov. Shin Hyun-song on Friday reiterated the need to raise the key rate at an upcoming monetary policy meeting to ease mounting inflation pressure stemming from the prolonged Middle East war.
"Monetary policy is inevitably subject to trade-offs among policy objectives, but such trade-offs are not significant at this time," Shin said in a message marking the BOK's 76th anniversary.
"Therefore, we need to prioritize price stability and raise interest rates without delay."
Shin said the Korean economy is growing at a solid pace thanks to robust semiconductor exports, citing 1.8 percent growth in the first quarter.
