BOK: Better to stabilize prices quickly for growth in long-run

Explaining July's 50 bps rate hike, the Bank of Korea (BOK), the South Korean central bank, said that it is “necessary to raise rates fast and by a large margin "for now."

Additional quotes

Short-term growth loss is inevitable in responding to high inflation.

Better to stabilize prices quickly for growth in the long run.

Will stabilize fx markets if excessive herd-like behaviors seen in dollar-won trading.

Won's recent declines were fast, and some herd-like behaviors seen.