Bank of Korea board member Hwang flags real estate, household debt risks

13/02/2024

FILE PHOTO: A labourer works at a construction site in Hongseong, South Korea, September 16, 2015. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) – Bank of Korea board member Hwang Kun-il said on Tuesday the country’s real estate and household debt-related risks remain elevated, while inflation is far exceeding the central bank’s target.

“Although there are positive signs of inflation slowdown and an exports-led economic recovery, inflation is far exceeding the target while real estate and household debt-related risks remain,” Hwang said, as he begins his four-year term as a member of the central bank’s monetary policy board.

Hwang, the former deputy finance minister for international affairs, also has experience at the World Bank and a local financial firm, KB Capital.

“He should understand the risk of high interest rates better than anyone else, as he has experience of looking into real estate project financing risks at a capital firm,” said a former colleague at the finance ministry, who ask to remain unidentified because they are not allowed to speak to the media.

(Reporting by Jihoon Lee; Editing by Christian Schmollinger)

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