South Korea central bank governor nominee Rhee says inflation, economic risks mounting

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The skyline of central Seoul is seen during a foggy day in Seoul

SEOUL – South Korea’s nominee for its new central bank chief said on Thursday worries about inflationary and economic risks are mounting and that he would thoroughly review how to manage growth, price pressures and financial imbalances.

“Concerns that inflation and economic risks at home can intensify simultaneously are mounting as uncertainty in external conditions heightens,” Rhee Chang-yong, a veteran International Monetary Fund official, said in a written speech.

His remarks come a day after the presidential office nominated Rhee as the new central bank chief.

The uncertainty in external conditions Rhee mentioned includes a quicker normalisation in Federal Reserve’s monetary policy, economic slowdown in China due to the fast-spreading Omicron coronavirus variant and the Ukraine war.

“I will elaborate my ideas on the policy and organisational management through the upcoming parliamentary hearing session,” Rhee said.

(Reporting by Joori Roh; Editing by Sam Holmes)