The Bank of Korea is likely to stand pat at its meeting this week as its committee awaits the appointment of a new governor, but it will embrace a steeper rate hike path ahead to tame more than decade-high inflation, a Reuters poll showed.
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While the U.S. Federal Reserve has now begun a tightening cycle and the European Central Bank is not expected to raise rates until later this year, South Korea's central bank has been quick to address high inflation and ballooning household debt.
The BoK has raised its base rate by 75 basis points since August, taking it to 1.25per cent, making it the first major Asian central bank to normalize policy from pandemic-induced lows.
Russia's invasion of Ukraine has exacerbated inflationary pressures. March inflation showed prices rose 4.1per cent from a year earlier, staying above the BoK's target of 2per cent for the 12th straight month and increasing the chances of another rate hike.
But the latest survey of 29 economists, taken April 4-11, suggested the BoK will hold its policy rate at 1.25per cent on April 14 on growth concerns and its own lack of a governor.
"Above all, the meeting is set to take place without a governor, as the parliamentary hearing for nominee Chang-Yong Rhee is to be held on April 19," said Oh Suktae, an economist at Societe Generale.
