On the 16th, Bank of Korea Governor Lee Chang-yong said, "The current base rate is in a rate cut cycle."
Governor Lee responded to the request of Representative Chung Cheong-rae, the chair of the Legislation and Judiciary Committee, during a full meeting held that afternoon at the National Assembly in Yeouido, Seoul, saying, "If there is an issue related to interest rate policy that should be communicated to the public, please let us know."
He also explained regarding the high interest rate policy that started in 2021, stating, "In just two years, inflation rose to 6%, so despite the harm to the public, we increased rates to control inflation."
When asked, "Will there be an announcement of a rate cut tomorrow?" he emphasized, "That's not what I mean; I'm saying we are in a rate cut cycle."
On that day, Governor Lee appeared as a witness at a hearing regarding the impeachment investigation of Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok held in the National Assembly.