Economist at UOB Group Ho Woei Chen opinions the most fresh financial policy assembly by the Bank of Korea (BoK).
Key Takeaways
“In response to consensus expectation, BOK maintained its price end in Apr because it saved its benchmark 7-day repo price unchanged at 3.50% for the 2nd consecutive month. The price resolution became unanimous unlike the old assembly in Feb when one policy board member voted for a 25bps hike.”
“Equivalent to the Feb assembly, five board individuals continue to search out the terminal ardour price at 3.75% while one member sees it more in fact helpful for the terminal price to be on the sizzling 3.50%.”
“However, the case for a extra price hike has weakened and we continue to predict the BOK to dwell on place at 3.50% for the relief of 2023.”
“The BOK signals that there may maybe maybe be scope to extra downgrade its dispute forecast of 1.6% for this year (reviewed in Feb). It sees 2023 headline inflation to be according to the Feb forecast of three.5% nonetheless core inflation may maybe maybe prove to be increased than the Feb forecast of three.0% and is anticipated at a diploma end to three.0% by year-end.”
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