BoK governor highlights difficulty in forward guidance

Rhee Chang-yong says he may reassess forward guidance amid exchange rate pressure

Changyong Rhee Asian Development Bank Chief Economist
Rhee Chang-yong

Bank of Korea governor Rhee Chang-yong said external factors such as a sharp depreciation of the won due to aggressive US monetary tightening has made issuing forward guidance difficult.

“I’ve learned that communication with the public is not easy when transitioning from the traditional strategic ambiguity to forward guidance,” Rhee told an audience at the Peterson Institute for International Economics in Washington DC on October 15.

The South Korean central bank delivered its second-ever 50

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