BOK’s Lee: S. Korean economic growth depends on spread of coronavirus

South Korean economic growth depends on the spread of coronavirus, Bank of Korea (BOK), Governor Lee Ju-yeol said in a statement following the announcement of the central bank’s monetary policy decision on Thursday.

Key quotes

Thursday's rate decision was not unanimous.

Board member Cho dong-Chul dissented to Thursday’s rate decision.

Board member Shin in-Seok dissented to Thursday’s rate decision.

Expects S. Korea economy to expand this year assuming spread of virus starts to curb soon.

It would be effective if govt offers loan guarantees as BOK considers special lending to non-financial institutions.

BOK has policy rooms to respond to slowing growth.

USD/KRW rebounds

Having found support near daily lows 1,212.18 on the BOK no rate change announcement, USD/KRW extends its bounce above 1,216 levels, up 0.10% so far.