"Respect for Exclusive Rights... Regrettable from the Perspective of Domestic Demand Promotion"
The Presidential Office unusually expressed regret over the Bank of Korea's decision to keep the base interest rate unchanged, followed by the ruling party also showing disappointment.
Kim Sang-hoon, Chairman of the Policy Committee of the People Power Party, is speaking at the party floor countermeasure meeting held at the National Assembly on the 23rd. On the same day, Floor Leader Choo Kyung-ho was absent due to cold symptoms. Photo by Kim Hyun-min kimhyun81@
On the 23rd, Kim Sang-hoon, the Policy Committee Chairman of the People Power Party, said at a floor negotiation meeting held at the National Assembly, "The Monetary Policy Committee of the Bank of Korea has again kept the base interest rate at 3.50%," adding, "From the perspective of stimulating domestic demand, there is inevitably a slight feeling of regret." However, Chairman Kim also stated that since the decision on the base interest rate is the Bank of Korea's inherent authority, he respects the decision.
When the Bank of Korea froze the base interest rate the previous day, considering the rise in housing prices and the increase in household loans, the Presidential Office reportedly expressed regret for the same reasons as the ruling party.
Chairman Kim said, "The party and the government plan to prepare and announce measures to stabilize supply and stimulate consumption ahead of Chuseok next week through high-level party-government meetings," and added, "Since the Bank of Korea's Monetary Policy Committee mentioned real estate prices and household debt as reasons for freezing the interest rate, the government is expected to make thorough follow-up measures related to the August 8 real estate policy." He emphasized, "The People Power Party, as the ruling party, will also cooperate with the government to make every effort to stabilize real estate prices and manage household debt."
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