The Bank of Korea's 'Base Rate Cut'... Han Dong-hoon "Welcoming as a Citizen and Ruling Party Leader"

"Considering the National Burden... Loan Interest Rate Reduction Also Needed"

Handonghun, leader of the People Power Party, is speaking at the 2nd Digital Asset STO Forum breakfast meeting held at the National Assembly Members' Office Building on the 28th. Photo by Kim Hyunmin

On the 28th, Han Dong-hoon, leader of the People Power Party, welcomed the Bank of Korea's Monetary Policy Committee's decision to lower the base interest rate from 3.25% to 3.00%, saying, "In these tough times for the people, like the cold weather, I welcome the Monetary Policy Committee's decision as a member of the public and as the leader of the ruling party."

In a post on Facebook, Leader Han said, "I think the Monetary Policy Committee's decision to cut the base interest rate was not an easy one, given the uncertainty about the Federal Open Market Committee (FOMC) rate announcement in December and the unstable exchange rates and stock market conditions since Trump's election."

He added, "There have been various reasons to restrain from lowering loan interest rates so far, but considering the excessively large interest margin and the resulting burden on the people, a reduction in loan interest rates is necessary," emphasizing, "We need to pay more attention to normalizing the real estate market so that construction investment returns to its original state and new loan interest rates decrease."

He continued, "The Monetary Policy Committee has lowered its economic growth forecasts for both this year and next year, and recently the International Monetary Fund (IMF) also lowered South Korea's economic growth forecast in less than a month, citing weak domestic demand recovery as a major reason," adding, "The difficulties faced by the people are also reflected in the growth outlook."