SEOUL : The Bank of Korea said on Friday its governor did not intend to say there would not be any rate cuts within this year.

The comment from the central bank came after local media cited governor Rhee Chang-yong as saying: “Do not expect a rate cut until the end of the year”.

In a text message sent to reporters on Friday, the central bank also cited Rhee telling a forum on Friday: “Do not expect too much of a rate cut as it will be difficult to talk about that for some time.”

“Policymakers will watch the condition until the end of the year, as we adjust interest rates, and from a macro perspective,” the governor was quoted as saying by the central bank.