🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Bank of Korea says it will monitor impact of weaker won on inflation

Published 06/08/2022, 11:10 PM
Updated 06/08/2022, 11:26 PM
© Reuters. FILE PHOTO: The logo of the Bank of Korea is seen on the top of its building in Seoul, South Korea, March 8, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korea's central bank warned on Thursday that greater attention should be paid to the impact of a weaker won on inflation and reaffirmed that its interest rate policies were focused on fighting inflation.

In a scheduled policy report to parliament, the Bank of Korea said the weaker won was responsible for 0.34 of a percentage point in the consumer price index's first-quarter 3.8% rise over a year earlier.

© Reuters. FILE PHOTO: A South Korea won note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

During January-March, the won slid 7.5% versus the dollar from a year earlier, adding to a 5.6% decline in the preceding three months, central bank data showed.

The Bank of Korea has raised its policy interest rate by a total of 125 basis points from a record-low 0.5% since August to contain inflation.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.