The nominee for Bank of Korea(BOK) governor says he will take into account growth, prices and financial stability in a balanced manner when he contemplates monetary policy.

Rhee Chang-yong made the remark in a letter addressing his nomination that was circulated by the central bank on Thursday. 

The nominee said there are concerns that domestic inflation and economic risks could simultaneously expand amid rising uncertainties abroad.

He assessed that the U.S. Federal Reserve is quickening its pace to normalize its monetary policy and there is a growing possibility of an economic slowdown in China amid a surge in omicron cases.

On the war in Ukraine, Rhee said it is difficult to project the impact the war will have on the domestic and overseas economies given the uncertain nature of the situation.

He then vowed to exert his best efforts, together with the BOK’s Monetary Policy Board, to overcome various obstacles facing the nation’s economy by drawing from his experience of some eight years at the International Monetary Fund.