(Adds more details)
SEOUL, April 21 (Reuters) - A new member of the South
Korean central bank's policy board said on Friday the economy is
experiencing difficulties after rapid interest rate increases
and needs monetary policy appropriate for the domestic
situation.
"As many economic sectors are experiencing difficulties
because of (rapid rate hikes), and domestic and external
conditions are not easy, monetary policy fit for our situation
is required," Park Chun-sup said in his inaugural speech as a
member of the Bank of Korea's monetary policy board.
Park, whose debut policy meeting is set for May 25, spent
most of his career at the finance ministry. The finance ministry
has no seat at the Bank of Korea's board, although the minister
recommends a candidate.
The Bank of Korea paused at the latest two policy meetings
in a row after having raised the policy rate by a total of 300
basis points to 3.50% between August 2021 and January 2023 to
fight inflation.
(Reporting by Choonsik Yoo; Editing by Jacqueline Wong and
Muralikumar Anantharaman)
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