[Seoul 17th Reuters]-According to the agenda of the August 30 meeting of the Bank of Korea (Central Bank) announced on the 17th, members of the Monetary Monetary Committee are generally concerned about the rising downside risk to the domestic economy. However, there was no sign that the rate cut was imminent.
The Bank of Korea left its policy rate <KROCRT = ECI> at 1.50% last month. In July, the rate cut for the first time in three years was conducted against market expectations.
In the financial markets, additional rate cuts at the next meeting in October are widely expected, but the agenda has shown that most members are not convinced about the need for additional rate cuts so far.
A member who voted in favor of interest rates pointed out that South Korea's growth rate is likely to fall below the central bank's outlook in July due to the US-China trade war and Japan's tightening of export restrictions. However, the member expressed the belief that the central bank should determine the rate cut effect in July.
In July, the Bank of Korea lowered its economic growth and inflation forecasts this year to 2.2% and 0.7%, respectively. The economic outlook is scheduled to be reviewed in November.