Against this backdrop the Bank of Korea eased its monetary policy further, by cutting the Base Rate on two more occasions following the cuts in 2014, and by raising the total ceiling of its Bank Intermediated Lending Support Facility to a large extent.
We also worked actively to stabilize the markets, by strengthening our monitoring of financial and foreign exchange markets at home and abroad and by making efforts to prevent any excessive expansion in the volatility of price variables. However, our economic conditions were not satisfactory, as economic growth fell short of its potential and inflation remained below the target range.