South Korea's central bank stood pat on interest rates for a fifth straight time as widely expected and maintained its 2023 economic growth and inflation...
South Korea’s central bank stood pat on interest rates for a fifth straight time as widely expected and maintained its 2023 economic growth and inflation forecasts.
The Bank of Korea kept the benchmark seven-day repurchase rate unchanged at 3.50% on Thursday, continuing a pause in its policy tightening amid signs that the economy is cooling, with inflation having eased to a 25-month low of 2.3% last month and exports having declined on year for a 10th consecutive month in July.
The country’s gross domestic product is forecast to expand 1.4% in 2023, unchanged from its May projection, following the previous year’s 2.6% growth, the bank said Thursday.For 2024, the bank trimmed its GDP growth forecast to 2.2% from 2.3% and kept its inflation estimate at 2.4%. BOK Gov. Rhee Chang-yong has cautioned against any premature policy easing, saying that rate cuts could come only when inflation is certain to converge on the bank’s 2.0% annual target.
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