Bank of Korea(BOK) Governor Lee Ju-yeol says the central bank is mulling over whether traditional monetary policies and systems are valid in today’s world of low growth, interest and inflation. 

According to the BOK on Wednesday, Lee made the remark when he appeared on a documentary that the bank jointly produced with the Educational Broadcasting System to mark the 70th anniversary of the bank’s foundation.  

Lee said a central bank operates monetary policies mainly through interest rates. However, he continued that the bank has come to face the question of what tools it should actively use to pursue monetary policies and guide the real economy at a time when interests are so low.   

He added that the bank is also contemplating whether it’s appropriate to maintain its price stabilization system as the world is now challenged with deflation rather than inflation.