Bank of Korea seen standing pat for some time – Jan 24 meeting minutes

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SEOUL, Feb 12 (Reuters) – A majority of board members of South Korea’s central bank see inflation pressures remaining weak, minutes of the last policy meeting showed on Tuesday.

The minutes will reinforce a market consensus that the Bank of Korea would stand pat for some time.

On Jan. 24, the BOK unanimously decided to leave the policy rate unchanged at 1.75 percent, while trimming the growth outlook amid a cooling global economy.

A board member said it is necessary to keep an accommodative stance, adding it would be difficult to reach the bank’s inflation target of 2 percent, according to the minutes.

“Considering the sluggish job market and economic condition of private sector, the core inflation is unlikely to pick up quickly and headline inflation is expected to move in line with core inflation,” another board member was quoted as saying. (Reporting by Hayoung Choi; Editing by Richard Borsuk;)

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