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BOK governor nominee Rhee hints at further rate hikes

In hearing, former IMF director says top priority is to stabilize rising prices

Rhee Chang-yong, seen in 2019 in his former role as International Monetary Fund director for Asia and the Pacific, said Tuesday his top priority was to stabilize consumer prices. (File photo by AFP/Jiji) 

SEOUL -- Rhee Chang-yong, who has been nominated as the next head of the Bank of Korea, said Tuesday that he would send signals to the market on future interest rate increases to tame soaring inflation.

Rhee's comments at a confirmation hearing at the National Assembly came as South Korea's consumer prices hit a 10-year high last month driven by rising oil prices and the supply chain crunch.

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