South Korea's government and the central bank should pay greater attention to addressing any financial instability, President Yoon Suk-yeol told Reuters, as the money market grapples with a steep selloff amid rising interest rates and a property slump.
"There are increasing opinions that inflation has passed its peak and it's time to slow down the speed and reduce the breadth of the rate hikes. However we must still continue to closely monitor any possible financial instability," Yoon said during a broader interview in his office on Monday, when asked if it is time for the Bank of Korea to slow monetary tightening.
Yoon spoke hours after the finance ministry and the BOK announced a second round of support measures to ease strains in its short-term money market, as yields on three-month commercial paper reached a fresh 13-year high on Monday. South Korea's household debt-to-GDP ratio stood at 102.2% in the second quarter, the highest level among 35 major economies tracked by the Institute of International Finance.
Asked whether the risk of a mild recession next year could prompt extra stimulus spending, Yoon said the plan is to stick to the current 639 trillion won budget for 2023 and focus on tightening expenditure.
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