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{"source_url": "https://www.intellasia.net", "url": "https://www.intellasia.net/monetary-easing-will-continue-through-2020-bok-governor-755491", "title": "Monetary easing will continue through 2020: BOK governor", "top_image": "", "meta_img": "", "images": ["https://www.paypalobjects.com/en_US/i/scr/pixel.gif", "https://ads.intellasia.net/www/delivery/avw.php?zoneid=188&cb=9e2f54275099673117a33cacd55b2d2f&block=1&n=3a159a", "https://www.intellasia.net/en/wp-includes/images/featured-mekong40x40.gif", "https://www.intellasia.net/en/wp-content/plugins/wp-print/images/printer_famfamfam.gif", "https://www.intellasia.net/en/wp-includes/images/search-adv40x40.gif", "https://c.statcounter.com/7950768/0/eff8b3ab/1/", "https://www.intellasia.net/en/wp-includes/images/asea-vids-icon40x40.gif", "https://www.intellasia.net/en/wp-content/themes/wp-clear_basic/images/feed.png", "https://www.intellasia.net/en/wp-includes/images/stocks-icon40x40.gif"], "movies": [], "text": "02-Jan-2020 Intellasia | KoreaTimes | 6:02 AM\n\nThe Bank of Korea (BOK) will continue an accommodative monetary policy in 2020, as external trade uncertainties will keep holding back a short-term economic rebound here, BOK Governor Lee Ju-yeol said in a New Year\u2019s address, Tuesday.\n\n\u201cOur monetary policy should be carried out in a way to support the economic recovery and stabilise prices,\u201d he said. \u201cWe need to keep relaxing currency policies, as economic growth here in 2020 will likely fall below our expectation.\u201d\n\nThe outlook came in response to the prolonged economic slowdown. In October, Lee also expressed his pessimistic view for the economy to achieve its 2-percent growth target during a regular National Assembly audit.\n\nTo revitalise the sagging economy, the BOK cut its key interest rate to an all-time low of 1.25 percent, October 16. The central bank also kept the rate unchanged during the final rate-setting meeting in November 2019.\n\nLee said the central bank would decide on the level of monetary easing in accordance with how the external risk factors unfold.\n\n\u201cTo be specific, the prolonged trade feud between the US and China, even if they have recently made some progress, comes as a geopolitical risk for the local economy,\u201d he said. \u201cOn the domestic front, we have to raise concerns over weakening growth engines here due to such factors as the low birthrate, aging society and social polarisation.\u201d\n\nOn top of that, the Korean economy cannot rely on export-driven growth amid the weakening of global value chain dynamics that resulted in the economic slowdown here and abroad, according to him.\n\nTo tackle the pessimistic outlook for an economic rebound in 2020, the BOK stressed the need to enhance its capability for precise diagnosis and prediction of the economic trend.\n\n\u201cThe BOK should be capable of accurately analysing economic conditions by utilising latest technologies, such as artificial intelligence and big data,\u201d he said.\n\nThe governor went on to urge his staff to spare no efforts in embracing the era of digital currency.\n\n\u201cThe BOK should not remain negligent in research and development for innovative payment technologies,\u201d he said.\n\nToward the end, the chief of the central bank said it would continue to enhance research manpower on the central bank digital currency (CBDC).\n\nWith the rise of cryptocurrency, the CBDC is the talk of global financial authorities and central banks. Some countries, such as China, are in an advanced level of talks before issuing government-controlled digital currencies.\n\nYoon Suk-heun, governor of the Financial Supervisory Service, also reaffirmed the willingness to push for policies to eliminate potential risk factors which will get in the way of the economy recovery.\n\n\u201cWe need to strengthen our expertise in finding out financial risks beforehand and come up with countermeasures,\u201d he said in a New Year\u2019s address.\n\nFinancial Services Commission Chair Eun Sung-soo also shared its 2020 goal of promoting small and medium-sized companies for the longer-term economic growth here.\n\n\u201cA series of relaxing monetary policies here and abroad added more liquidity to the market, but the capital was used in an unproductive manner in areas, such as real estate, which did little good to economic efficiency here,\u201d he said. \u201cWe are going to supply small venture firms, rather than households, with the capital.\u201d\n\nhttps://www.koreatimes.co.kr/www/biz/2019/12/367_281170.html\n\n\n\n\n\nCategory: Korea", "keywords": [], "meta_keywords": ["korea"], "tags": ["view all day-by-day"], "authors": [], "publish_date": null, "summary": "", "article_html": "", "meta_description": "The Bank of Korea (BOK) will continue an accommodative monetary policy in 2020, as external trade uncertainties will keep holding back a short-term economic rebound here, BOK Governor Lee Ju-yeol said in a New Year's address, Tuesday.", "meta_lang": "", "meta_favicon": "", "meta_data": {"description": "02-Jan-2020 Informative articles concerning East Asia. 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