SEOUL : A senior South Korean central bank official said on Monday its governor's comment earlier in the day on the magnitude of interest rate increases was meant only to stress the principle about making policy decisions.
A Bank of Korea statement quoted an unnamed senior official as saying Governor Rhee Chang-yong's comment was meant to"refer to the principle that monetary policy needs to be decided while keeping all possibilities open". The official added Rhee was emphasising a very big uncertainty in foreseeing future inflation given such unexpected events as India's ban on wheat exports.
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