BOK chief signals hawkish stance amid outlook for higher growth, rates

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SEOUL, Oct. 23 (Yonhap) -- Bank of Korea (BOK) Gov. Shin Hyun-song said Friday the central bank will adjust its monetary policy to a future environment of higher economic growth and interest rates, signaling it will maintain a hawkish stance for some time.

In response to a question from Rep. Kim Tae-nyeon of the ruling Democratic Party during a parliamentary audit at the National Assembly, Shin agreed with the assessment that a return to the era of ultra-low interest rates would be difficult.

"We will implement policies effectively in preparation for the prospect of a future environment characterized by high growth and high interest rates," he said.

Bank of Korea (BOK) Gov. Shin Hyun-song (R) speaks during a parliamentary audit at the National Assembly in Seoul on Oct. 23, 2026. (Yonhap)

The central bank has adopted a more hawkish stance in recent months amid rising inflation and solid economic growth.

It raised the benchmark interest rate to 3 percent in July and August, marking the first back-to-back rate hikes since January 2023. The January 2023 hike was the seventh consecutive increase in a tightening cycle that began in April 2022.

Over the 3 1/2-year period, the rate was gradually lowered to 2.5 percent from 3.5 percent before the latest round of hikes.

At its latest rate-setting meeting Thursday, the BOK held the rate steady but emphasized that the decision represented a pause in its tightening cycle rather than a shift away from its hawkish stance. It cited inflationary pressures from rising oil prices, renewed uncertainty in the Middle East and a stronger-than-expected economic recovery.

Shin also said the South Korean economy is likely to grow by more than 3 percent this year and next year, driven by strong exports related to artificial intelligence (AI).

"I cannot say the exact numbers (for this year's growth forecast)," he said, noting that the Organization for Economic Cooperation and Development (OECD) had revised its 2026 growth forecast for South Korea to 3.7 percent.

The BOK raised its 2026 growth forecast to 3.3 percent from 2.6 percent in August and is expected to revise it upward again at its next meeting in November.

(3rd LD) BOK holds rate at 3 pct after 2 straight hikes, signals continued tightening

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(2nd LD) BOK chief says back-to-back rate hikes bought time to respond to financial risks

BOK chief signals hawkish stance amid outlook for higher growth, rates

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首尔，10月23日（韩联社）——韩国央行行长申贤松周五表示，央行将根据未来经济增长和利率上升的环境调整货币政策，这表明央行将在一段时间内保持鹰派立场。

在国会进行议会审计时，执政党共同民主党议员金泰年提出问题，申宗宪对此表示赞同，认为重返超低利率时代将会很困难。

他说：“我们将有效实施各项政策，为未来高增长、高利率的环境做好准备。”

2026年10月23日，韩国央行行长申贤松（右）在首尔国会出席国会审计听证会并发表讲话。（韩联社）

近几个月来，随着通胀上升和经济稳健增长，央行采取了更为鹰派的立场。

该银行在7月和8月将基准利率上调至3%，这是自2023年1月以来首次连续两次加息。2023年1月的加息是自2022年4月开始的紧缩周期中的第七次连续加息。

在三年半的时间里，利率从最近一次加息前的 3.5% 逐步降至 2.5%。

在周四的最新利率会议上，韩国央行维持利率不变，但强调此举只是暂停紧缩周期，而非放弃鹰派立场。央行指出，油价上涨带来的通胀压力、中东局势再度不确定性以及强于预期的经济复苏是导致利率不变的主要原因。

申东赫还表示，受人工智能（AI）相关强劲出口的推动，韩国经济今年和明年可能会增长超过3%。

“我无法给出（今年的增长预测）确切数字，”他说道，并指出经济合作与发展组织（OECD）已将韩国2026年的增长预测修正为3.7%。

韩国央行在8月份将2026年经济增长预期从2.6%上调至3.3%，预计在11月份的下次会议上将再次上调该预期。

（第三次）韩国央行在连续两次加息后维持利率在3%不变，暗示将继续收紧货币政策。

韩国央行行长强调，在人工智能蓬勃发展和中东危机的背景下，需要抑制通胀。

（第二条）韩国央行行长表示，连续加息为应对金融风险争取了时间。

韩国央行行长暗示将采取鹰派立场，对经济增长和利率前景持乐观态度。