Rhee Chang-Yong says Inflation, Economic Risks Mounting

South Korea's central bank nominee for chief, Rhee Chanf-Yong expressed his concerns about continuously growing inflation and economic risks. He also said that he will closely look at how to handle growth, price pressures and financial imbalances.

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

The uncertainty of the external conditions that Rhee mentioned includes the Federal Reserve normalising monetary policy faster, the Chinese economic slowdown due to the rapid spread of the Omicron variant of the coronavirus and the Ukraine war.

Rhee’s remark comes a day after the presidential office nominated him as the new chief of the central bank chief. He further said that he will elaborate his ideas on the policy and organisational management through the upcoming parliamentary hearing session.”