New BOK chief nominee likely to focus on price stability, market communication

The nomination of a former veteran as the new head of the Bank of Korea (BOK) Monday is raising expectations that the central bank would further tilt toward keeping price stability and strengthen its communication with the market, analysts said. Experts say Lee Ju-yeol, former senior deputy governor of the BOK, is likely maintain the current monetary policy stance and freeze the key rate for some time ahead. At least, analysts say, the possibility of a rate cut has been pushed aside. People who have worked with him in the past labeled him as more hawkish than dovish.