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South Korea cbank's Koh said interest rates should be raised to curb debt growth

A Bank of Korea board member said benchmark interest rates need to be raised as addressing financial imbalances is a priority over supporting economic growth, minutes of a July 15 board meeting showed on Tuesday.

South Korea cbank's Koh said interest rates should be raised to curb debt growth

FILE PHOTO: A man gets on a bicycle in front of the Bank of Korea in Seoul August 9, 2012. REUTERS/Kim Hong-Ji/File Photo/File Photo

SEOUL: A Bank of Korea board member said benchmark interest rates need to be raised as addressing financial imbalances is a priority over supporting economic growth, minutes of a July 15 board meeting showed on Tuesday.

Koh Seung-beom, the sole dissenter among the bank's seven board members in a decision to hold interest rates on July 15, said excessive debt growth could eventually hurt economic growth and create asset bubbles.

Only dissenters are identified in minutes.

(Reporting by Cynthia Kim; Editing by Andrew Heavens)

Source: Reuters

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