Finance minister voices veiled support for rate cut

Finance Minister Choi Kyung-hwan made remarks Thursday at the parliament that could be interpreted as signs of support for a rate cut by the country’s central bank.

“I can’t say exactly what should be done about interest rates, but I believe that my message about the current economy has been sufficiently communicated,” Choi said at a Strategy and Finance Committee of the National Assembly. “Nothing could be more explicitly mentioned (about interest rates) than this.”

The remarks were in response to a call on the government to seek a rate cut aimed at bolstering the stalling economic recovery.

He took office as finance minister, who concurrently serves as deputy prime minister for economic affairs, on Wednesday.

In his inaugural speech on Wednesday, Choi said that he will run macroeconomic policy in an “expansionary” manner until the economic sentiment is revived, expressing worries that the economy is mired in a low-growth trap. (Yonhap)