New BOK chief says policies should be timely

The new Bank of Korea governor emphasised at a weekend press briefing that 'timeliness' was vital in enforcing monetary policy.

Lee Seong-tae said in his first press briefing after inauguration that the central bank should be prudent in its decision making, but should not be late in making decisions.

"Policies should be timely. The central bank can't but be cautious in deciding policies because of many uncertainties. Having said that, we shouldn't lose the opportunity for policy decision," said