"The Korean economy is highly dependent on exports. When it comes to growth pace, economies like France and Japan have recovered to their pre-crisis levels, while the U.S. and Germany are about 3 to 4 percentage points higher than the levels before 2008," he said. That means Korea's export prospect is not so adverse.

 

He also said that there would be no rate increase for the time being in an attempt to follow suit with several other emerging market countries. "The countries that saw their benchmark rate rise had a high risk of massive capital flight. But Korea is fundamentally different in economic situation from these countries and there would be no opportunistic rate decision," he said.

 

According to the central bank governor, there is little chance for Korea to experience an outward movement of capital given 18 consecutive months of current account surplus.