Seoul sets money growth<\/p>\n
SEOUL (AFP): South Korea will keep a tight lid on money supply
\nin 1995, with an annual growth target of 12-to-16 percent, the
\ncentral Bank of Korea (BOK) announced yesterday.<\/p>\n
\"The BOK will place top priority on stabilizing prices, so it
\nwill try to maintain the level of money supply as low as
\npossible,\" said Kim Won-tai, head of the bank's monetary policy
\ndepartment.<\/p>\n
The Seoul bourse, which had been riding a two-day climb,
\ntumbled after the announcement, losing 9.52 points to close at
\n998.32.<\/p>\n
In 1994 the money supply growth band had been set at 14-to-17
\npercent.<\/p>\n
The policy announcement came after South Korea saw an
\nestimated 8.3 percent GNP growth rate in 1994, with predictions
\nthe strong economic trend would continue through this year,
\nbringing concerns of overheating and steep price rises, the bank
\nsaid.<\/p>\n
The tight monetary controls will be followed by interest rate
\nrises to further cool the economy by reducing corporate capital
\ninvestment and burgeoning consumer spending, it said.<\/p>",
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