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BOK chief says ChatGPT ‘can’t be believed’ over its response to monetary policy decision

October 14, 2024

Bank of Korea (BOK) Gov. Rhee Chang-yong said Monday he asked ChatGPT about last week’s monetary policy decision and the chatbot replied a rate freeze was the best option, saying ChatGPT “can’t be believed.”

Rhee made the remarks in response to a question by Rep. Chung Il-young of the Democratic Party that the BOK’s board members could be replaced by ChatGPT because they allegedly play a small role despite their high pay.

Last week, the BOK cautiously kicked off its easing cycle by cutting its key rate by a quarter percentage point to 3.25 percent, in line with market expectations.

“I used ChatGPT (with regard to the Monetary Policy Committee) in October, and it says freezing the benchmark interest rate was the best option,” Rhee told lawmakers.

“However, given that we lowered interest rates, ChatGPT cannot be believed,” Rhee said, defending the role of BOK board members.