BOK board member Chang said property market risks need further checks, minutes show

FILE PHOTO: People walk on a zebra crossing in front of the buliding of Bank of Korea in Seoul, South Korea, July 14, 2016. REUTERS/Kim Hong-Ji/File PhotoSEOUL : A voting Bank of Korea board member, Chang Yong-sung, who dissented in its decision to cut interest rates on Oct. 11, said any rate reduction should be delayed to prevent further spikes in property prices, minutes from the bank's meeting showed.The BOK voted 6-1 to cut policy interest rates to 3.

"We need more time to check home prices as well as the household debt growth trend, and as such policy interest rates need to stay at the current 3.50 per cent."

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