BOK says efforts under way to use big data in policy

SEOUL, Sept. 22 (Yonhap) -- South Korea's central bank has been trying to take advantage of big data to glean various kinds of information for policy, a senior official said Friday.

Yoon Myun-shik, the senior deputy governor of the Bank of Korea (BOK), said in a speech in Seoul that information provided through big data in a timely manner can help people better understand complex economic situations and allow them make reasonable decisions in their daily lives.

The BOK has set up a team to study big data in a move toward eventually using such information for its economic statistics.

Big data refers to obtaining valuable information from massive data sets to help predict trends in various sectors.

entropy@yna.co.kr
(END)