(LEAD) BOK chief says back-to-back rate hikes bought time to respond to financial risks

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(ATTN: UPDATES with BOK chief's comments in paras 1-10; RECASTS headline; CHANGES photo) Bu Kim Boram

SEOUL, Oct. 12 (Yonhap) -- The head of the Bank of Korea (BOK) said Monday the central bank's back-to-back rate hikes gave it time to take action against a possible financial crisis.

"We set the direction of our monetary policy toward raising interest rates a little earlier than other major countries," BOK Gov. Shin Hyun-song said during a parliamentary audit held at the BOK headquarters in Seoul. "I believe we have bought some time."

Bank of Korea (BOK) Gov. Shin Hyun-song speaks during a parliamentary audit at the BOK's headquarters in Seoul on Oct. 12, 2026. (Pool photo) (Yonhap)

The BOK lifted the benchmark interest rate to 3 percent over two consecutive meetings in July and August, citing "preemptive" action to prevent inflationary pressures from accelerating further.

After the rate-setting meeting in August, Shin said it was better to act on problems immediately, citing the proverb "To block something with a shovel that could have been blocked with a hand hoe," a Korean equivalent of "A stitch in time saves nine."

Shin said the back-to-back rate hikes are "unprecedented" and sent a strong signal to the market, which helped financial authorities respond preemptively to prevent even greater fluctuations.

"Over the past two to three weeks, yields on Korean government bonds have remained quite stable," he said. "While raising the benchmark interest rate causes some pain, I believe that acting preemptively helps stabilize the market and ultimately reduces the overall cost."

Regarding increased payments for overseas artificial intelligence (AI) service subscriptions, Shin said the central bank will make efforts to find ways to incorporate accurate data into national statistics.

South Korea posted a deficit of US$6.4 billion in its intellectual property services account in the first half, with $8.9 billion in payments related to software copyrights.

While overseas AI subscription fees are included in software copyright-related payments, the current account data compiled by the BOK does not provide a breakdown.

"We will continue to work on this, as it is still difficult to access the information needed to compile detailed statistics specifically on AI subscription fees," Shin said. "We will compile statistics that more accurately reflect current trends."

Bank of Korea (BOK) Gov. Shin Hyun-song (C) takes an oath during a parliamentary audit on the central bank at the BOK headquarters in Seoul on Oct. 12, 2026. (Pool photo) (Yonhap)

In a report submitted to the National Assembly, meanwhile, the BOK said the South Korean economy is expected to continue solid growth for the time being as robust semiconductor exports spill over into the broader economy.

"The domestic economy is expected to see a significant increase in its growth rate this year, driven by strong semiconductor exports, and it will maintain steady growth next year as well," the report said.

"As the semiconductor sector continues to expand, the positive impact of improving income conditions is expected to spread to domestic demand as a whole, including consumer spending, leading to a favorable growth trend."

The BOK raised its growth forecast to 3.3 percent for 2026 and 2.9 percent for 2027, saying the semiconductor upcycle continues and the gains are spilling over into the broader economy.

The country's gross domestic income (GDI), which measures the total income generated and costs incurred by all sectors within an economy, grew 13.2 percent in the first quarter of this year and 15.7 percent in the second quarter, compared with 3.5 percent in the fourth quarter of 2025.

The BOK said consumer prices are expected to remain above the 2 percent target as strong exports and investment support household incomes.

In particular, core inflation, which excludes volatile energy and food prices, rose nearly 3 percent in recent months due to supply chain disruptions stemming from the prolonged Middle East crisis.

"We plan to closely monitor inflation and economic trends, as well as financial stability, and determine the timing and pace of additional rate hikes," the BOK said.

The BOK will hold its next rate-setting meeting on Oct. 22.

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(LEAD) BOK chief says back-to-back rate hikes bought time to respond to financial risks

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（注意：第1-10段更新了韩国央行行长的评论；重写了标题；更换了照片） 布金宝蓝

首尔，10月12日（韩联社）——韩国央行行长周一表示，央行连续两次加息使其有时间采取行动应对可能发生的金融危机。

韩国央行行长申铉松在首尔央行总部举行的国会审计会上表示：“我们比其他主要国家更早地确定了货币政策的加息方向。我相信我们争取到了一些时间。”

2026年10月12日，韩国银行行长申铉松在首尔韩国银行总部出席国会审计听证会并发表讲话。（联营照片）（韩联社）

韩国央行在7月和8月的两次会议上连续将基准利率上调至3%，理由是采取“先发制人”的措施，以防止通胀压力进一步加速。

申东赫在8月份的利率制定会议后表示，最好立即采取行动解决问题，他引用了一句谚语“用铲子堵住的东西，可以用手锄堵住”，这句谚语相当于韩国的“及时一针，省得九针”。

申宗宪表示，连续两次加息是“史无前例的”，向市场发出了强烈的信号，这有助于金融当局提前做出反应，防止市场出现更大的波动。

他表示：“过去两到三周，韩国国债收益率一直保持相当稳定。虽然提高基准利率会带来一些阵痛，但我认为，提前采取行动有助于稳定市场，并最终降低整体成本。”

关于海外人工智能（AI）服务订阅费用增加的问题，申东赫表示，央行将努力寻找方法，将准确的数据纳入国家统计数据。

韩国上半年知识产权服务账户出现 64 亿美元的赤字，其中与软件版权相关的付款额为 89 亿美元。

虽然海外人工智能订阅费用包含在软件版权相关付款中，但韩国央行编制的当前账户数据并未提供明细。

申先生表示：“我们将继续努力，因为目前仍然难以获取编制人工智能订阅费用详细统计数据所需的信息。我们将编制出更能准确反映当前趋势的统计数据。”

2026年10月12日，韩国央行行长申贤松（中）在首尔韩国央行总部举行的国会审计听证会上宣誓就职。（联社照片）（韩联社）

与此同时，韩国央行在提交给国会的一份报告中表示，由于强劲的半导体出口带动了更广泛的经济领域，预计韩国经济在短期内将继续保持稳健增长。

报告称：“受半导体出口强劲的推动，预计今年国内经济增长率将大幅提高，明年也将继续保持稳定增长。”

“随着半导体行业的持续扩张，收入状况改善带来的积极影响预计将波及到包括消费支出在内的整体国内需求，从而带来良好的增长趋势。”

韩国央行将2026年和2027年的增长预期分别上调至3.3%和2.9%，称半导体行业的上升周期仍在继续，其收益正在蔓延至更广泛的经济领域。

该国的国内总收入（GDI）衡量的是一个经济体内所有部门创造的总收入和发生的总成本，今年第一季度增长了 13.2%，第二季度增长了 15.7%，而 2025 年第四季度仅增长了 3.5%。

韩国央行表示，由于强劲的出口和投资支撑了家庭收入，预计消费者价格将继续高于 2% 的目标水平。

特别是，由于持续的中东危机导致供应链中断，剔除波动较大的能源和食品价格的核心通胀率在最近几个月上涨了近 3%。

韩国央行表示：“我们将密切关注通胀和经济趋势以及金融稳定性，并决定何时以及以何种速度进一步加息。”

韩国央行将于10月22日举行下一次利率制定会议。

（导语）财政部长、韩国央行行长强调协调应对不确定性

（导语）韩国央行面临进一步上调关键利率的压力，以跟上美联储的最新加息步伐。

（第三次）韩国央行连续两次加息至3%，并将2026年加息预期上调至3.3%。

（导语）韩国央行行长表示，连续加息为应对金融风险争取了时间。