Bank of Korea Governor Lee Ju-yeol has dismissed projections of a sooner-than-expected interest rate hike with him set to serve a second term. 

Lee said in a statement for a parliamentary hearing on Thursday that it is not appropriate to link the central bank chief’s term with monetary policies. 

He said the bank’s monetary policy committee will consider inflation and financial stability in deciding interest rates, as it always has. 

Lee said that since the bank issued its economic growth outlook in January, many changes have taken place both at home and abroad that could affect future outlooks. He said the bank will have to carefully review such changes before making a decision on the interest rate next month.

In relation to trade protectionism, Lee said South Korea needs to further hold negotiations with related countries to ease trade pressure and coordinate with other countries through the World Trade Organization, if deemed necessary.

His confirmation hearing will be held on Wednesday.