, the canadian economy was growing broadly in line with the bank's expectations, reflecting in large part the underlying strength of domestic demand. but both total cpi and core inflation were now below the bank's expectations, reflecting increased competitive pressures related to the level of the canadian dollar. in addition, other developments since october suggested that the downside risks to our inflation projection had increased. global financial market difficulties had worsened, tightening credit conditions further, and there was an increased risk to the prospects for the demand for canadian exports, since the outlook for the u. s. economy had weakened further. so, on 4 december, we judged that the balance of risks had shifted to the downside, and we lowered our target for the overnight rate to 4 1 / 4 per cent. now, as we prepare for our next interest rate announcement on 22 january, and our monetary policy report update two days later, we are preparing our regular quarterly economic projection and risk assessments, so that we can fully assess the implications of all economic and financial developments since the october report, and set the appropriate course for monetary policy. conclusion at the bank of canada, we are very interested in any ideas you might have on this topic of transparency in monetary policy – what the limits are and how transparency can continue to be improved. in my view, generally, more is better. apart from the need to protect confidential information and not compromise the policy - making process, the true limits to transparency in monetary policy lie in communicating effectively in the face of uncertainty, a skill which we are constantly striving to master.

chang yong rhee : new year speech new year's speech by mr chang yong rhee, governor of the bank of korea, at the bank of korea, seoul, 1 january 2024. * * * my dear colleagues at the bank of korea, today we start our first day of work in 2024. let me begin by expressing my heartfelt gratitude to all of you for your best efforts at fulfilling your duties in your respective roles throughout the past year. i would also like to extend my appreciation to all the members of the monetary policy board for their dedication to the conduct of monetary policy. i also thank your families for their unwavering support for your hard work here. as we embark on the year of the blue dragon, i wish all of you will soar like a dragon, achieving success in all your endeavors. last year proved to be a busy period in developing the best possible policies and measures in response to the rapidly changing conditions both domestically and internationally. going through a time of high tension, such as significant policy rate hikes by central banks in major economies to curb inflation, followed by the silicon valley bank incident in the u. s. and the israel - hamas conflict, we were never able to let down our guard for even a moment. amid these heightened external uncertainties, the bank of korea conducted monetary policy with the top priority on price stability, while closely monitoring financial stability risks. we kept our base rate at a restrictive level of 3. 5 %, and adopted market stabilization measures to respond actively to unrest in the financial and fx markets, such as the large deposit withdrawals from mg community credit cooperatives. fortunately, the korean economy has recently started to show positive signs, such as a recovery in growth driven by exports and a sustained slowdown in inflation. major international news agencies have also highly commended the stable trend of economic indicators in korea, including inflation and employment. all of this was made possible thanks to our fellow koreans, who, even in challenging conditions, shared the burden of hardships. this year, global economic growth will likely slow in the aftermath of the continued monetary tightening, and global inflation will continue to moderate. we are also confronted with significant uncertainties in our external conditions, such as the fragmentation of global trade, geopolitical risks surrounding the middle east and eastern europe, and the possibility of abrupt changes in the international landscape depending on election results in major countries. last year, the imf projected the global economic growth rate for the next