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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: HIGHLIGHTS-S.Korean central bank chief's comments Reuters - Tuesday, August 11 SEOUL, Aug 11 - The South Korean central bank on Tuesday held interest rates steady at a record low and warned the bond yields have overshot still fragile economic fundamentals, suggesting it was in no hurry to tighten policy. ADVERTISEMENT All 16 analysts in a Reuters poll had forecast no rate change amid doubts the economy can sustain its recent growth momentum without policy support. Following are a selection of remarks by Bank of Korea Governor Lee Seong-tae at a news conference, translated by Reuters: ON INTEREST RATES AND EXIT STRATEGY "The Bank of Korea will maintain the financial easing stance for the time being while closely looking at the economic conditions throughout the third quarter." "It's true that policy direction for the near future is tilted toward tightening rather than easing." "It's hard to definitely say the exit strategy has already started as it depends on how you define the scope." "If you define 'exit strategy' as a move to withdraw extraordinary policy means taken to counter a crisis, then you can say we have already started the policy exit in one sense. Those unconventional steps, if in place over time, can cause countereffects and therefore need to be removed in a timely manner. We have been calling in special dollar loans extended to local banks and our one-year purchase plan for bank bonds has from the start been designed to expire late this year." ON MARKET MOVEMENTS "Market interest rates rose quite considerably in June and July, reflecting investors' expectation of rate increases and recent economic conditions. In some sense, the recent rises in market interest rates can be said to be overdone." "We understand that the current gap between market interest rates and policy rate is unusually large." ON ECONOMY "Economic improvement has continued on the back of aggressive fiscal and monetary stimuli and better economic conditions in emerging markets. A batch of economic data showed better performance than previously expected in the second quarter." "Considering the June economic data, the second-quarter gross domestic product growth will likely come out firmer than the latest estimate (of a 2.3 percent rise over the first quarter)." "In the second half, the economy is expected to continue to grow on a quarterly basis. Overall, the economic improvement that started in the second quarter will likely continue." "There remain some factors of uncertainty as the major advanced economies have yet recovered much and the government policy support for jobs cannot last long." ON INFLATION "Inflation will rise to mid-2 percent range sometime this year after hitting 1.6 percent in July, but will not rise above 3 percent during this year." "The impact of wide fluctuations in raw material prices and foreign exchange rates on inflation has diminished much. Looking forward, inflation will depend more on the overall demand and supply." ON PROPERTY MARKET "We're watching on increasing mortgage-backed loans and rising housing prices with considerable caution." "Housing prices in Seoul and its surrounding areas had risen rapidly until early July. Although the pace has slowed down later in July, there exists upward pressure on housing prices." "Our concern is that domestic housing prices surged over the past four to five years but corrected little while some nations suffered 10 percent or 20 percent falls. The recent rebound in housing prices is not a big issue but we should guard against speculative investment." "We are conducting an inspection jointly with the financial regulators on home-backed loans in order to know who borrows under what conditions in more details. We are taking a cautious stance in order not to excessively hurt the market operation." (Reporting by Seo Eun-kyung; Editing by Yoo Choonsik & Kazunori Takada) Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business Select Comfort July same-store sales edge up 1 pctAP - 2 hours 25 minutes ago Wall Street falls as data, financials weighReuters - 1 hour 47 minutes ago US STOCKS SNAPSHOT-Futures drop further, financials weighReuters - 2 hours 46 minutes ago GM says new Volt to get 230 mpg in city drivingAP - 2 hours 52 minutes ago S.Lanka shares close flat after touching week lowReuters - 2 hours 55 minutes ago Most Popular – Business Viewed Don't brush with baldness: put down that comb Tamiflu 'should not be given' to children with flu Burglars steal $15m from Saudi princess Jackson allies deny Oliver! star paternity link Cyber attacks at Twitter, Facebook, LiveJournal View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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