As worries about debt mount, South Korean central bank officials are weighing the timing of interest rate cuts this year.

A member of the South Korean central bank's policy committee has stated that it seems necessary to cut interest rates once this year, while also indicating that policymakers are still weighing whether to take action at the upcoming meeting or wait until the next one, as financial stability risks still exist. "As the market expects, I also believe that there should be a rate cut this year, but whether it is this time or the next time is a difficult question," said Hwang Kunil, a member of the South Korean central bank's Monetary Policy Committee, to reporters on Tuesday. "If I had to make a decision now, personally I would prioritize financial stability."