© Reuters. According to the BOK, the lowering of the Fed's surprise rate will be taken into account in policy implementation
SEOUL (Reuters) – South Korea's central bank chief said Wednesday that he would take the Fed rate cut into account when implementing monetary policy.
Bank of Korea governor Lee Ju-yeol, however, stressed the limits of monetary policy and called on the government to take more targeted measures to combat the coronavirus outbreak.
"(The bank) will closely monitor the markets and focus on stabilizing the markets," said Lee at a much-planned political meeting in Seoul.
The BOK surprised the markets last week by keeping its base rate unchanged at 1.25%, despite downgrading growth prospects amid growing fears that the breakout of Asia's fourth largest economy could fail.
(Corrected this story to remove additional word in paragraph 4.)
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