S. Korea's central bank chief expects greater inflation in Asia-Pacific economies

17:11, July 23, 2010      

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South Korea's central bank governor forecast that Asia-Pacific economies may see a greater inflationary pressure down the road amid a global economic recovery, the Bank of Korea (BOK) said Friday.

According to the central bank, BOK Governor Kim Choong-soo, at the 15th Executives' Meeting of East Asia and Pacific Central Bank (EMEAP), said that the member countries may see a gradual growth in inflationary pressures.

According to South Korea's Yonhap News Agency, the governor hinted that the member countries should further take into account a price hike while implementing monetary policies.

Kim pointed to climbing raw material prices and expanding global demand on the back of an economic recovery as the main driver of price rises, according to the central bank.

He also mentioned the possibility of spill-over, as a price hike one nation affects other economies via trade and capital move, the BOK said.

As Kim is to take the responsibility of the EMEAP chair next year, the next meeting will be held in South Korea, the BOK added.

The BOK in early July put an end to the 16-month continued key rate freeze at a record low of 2 percent, raising the rate by 0.25 percentage point to fight against rising inflationary pressure.

Source:Xinhua

(Editor:黄蓓蓓)

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