New Bank of Korea board member says inflation worries are heightening

SEOUL - South Korea's newly appointed central bank board member, Kim Jin-ill, said on Friday inflation worries had heightened due to high oil prices sparked by the Middle East conflict.

Kim said economic conditions were improving led by the technology sector, but uncertainty was high over global investments while there was also the issue of inequality domestically.

On financial stability, Kim said caution was increasing over capital flow risks, while the issues of household debt and house prices also remained.

Kim began his four-year term as a member of the Bank of Korea's seven-seat policy board on Friday. His first rate-setting meeting will be on May 28.

(Reporting by Jihoon LeeEditing by Ed Davies)

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This story was originally published May 15, 2026 at 12:01 AM.