SEOUL : Most monetary policy board members of the South Korean central bank agreed at their review in July that they needed to keep the door open for further tightening, according to meeting minutes released on Tuesday.
The board members cited uncertainty regarding inflation, a rise in household debt and volatility in foreign exchange as factors supporting additional rate hikes.
"In the case of any destabilising factors to inflation materialising or of any financial imbalance risks expanding, it will be necessary to respond actively by raising interest rates further," one board member said.
Two other board members, meanwhile, said that the board should monitor economic and financial conditions for a while before judging whether or not there would be any need for further rate hikes.
One board member said there had been "special attention" required for a credit union hit by deposit withdrawals, adding there still remained real estate-related risks in some weak areas.
At the July 13 review, the Bank of Korea held interest rates steady for a fourth straight meeting and said it would maintain a tight stance amid still high prices despite heightened financial uncertainty.