Party leader says he will monitor whether interest rate hike burdens vulnerable borrowers

Democratic Party of Korea leader Kim Min-seok speaks at a Supreme Council meeting held at Inspire in Yeongjong-gu, Incheon, on Friday. [Yonhap]
Democratic Party of Korea leader Kim Min-seok speaks at a Supreme Council meeting held at Inspire in Yeongjong-gu, Incheon, on Friday. [Yonhap]

Democratic Party of Korea leader Kim Min-seok said Friday the party would run with every lawmaker taking ownership of key tasks, pledging to work toward democracy, popular sovereignty and what he called a "golden age" for South Korea.

Kim made the remarks while presiding over a Supreme Council meeting at Inspire in Yeongjong-gu, Incheon. "This workshop was one where we steeled our resolve to break through domestic and external challenges by putting people's livelihoods first, at a critical juncture on the road to Korea's golden age," he said. He added that the party would shift into an all-out operational mode starting Friday, with every lawmaker running at full speed and the party providing thorough support and oversight.

Kim also weighed in on the Bank of Korea's Monetary Policy Board raising the benchmark interest rate by 0.25 percentage points to 3.00 percent on Thursday, saying he believed the decision reflected a comprehensive assessment of conditions including inflation, household debt and exchange rates.

"The party will stay vigilant, monitoring market conditions and the state of people's livelihoods — and particularly watching to ensure that this interest rate hike does not translate into an excessive repayment burden for financially vulnerable groups," Kim said, adding that the party would draw up countermeasures if necessary.


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