[2026 National Assembly Audit] Shin Hyunsong: "July and August Rate Hikes Played a Major Role in Exchange Rate Stabilization"
National Assembly Finance and Economy Planning Committee's Audit of the Bank of Korea
Bank of Korea Governor Shin Hyun-song said on October 12 that the two consecutive base rate hikes in July and August had a significant impact on stabilizing the won-dollar exchange rate.
Speaking at a parliamentary audit before the National Assembly’s Finance and Economy Planning Committee at the Bank of Korea that afternoon, Governor Shin said, “With the Bank of Korea raising interest rates twice in July and August this year, I think confidence in the direction of monetary policy has grown considerably.”
When Assemblyman Oh Ki-hyung of the Democratic Party of Korea questioned the effectiveness of the three exchange rate stabilization bills and the domestic market return account (RIA), among other measures, Governor Shin replied, “I think the three exchange rate stabilization bills have had some effect, but what matters more than the frequent inflows and outflows of funds is confidence in the currency.”
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When Assemblyman Oh asked, “Is the key point that the two rate hikes were effective?” Governor Shin replied, “I think they played a very significant role.”
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