South Korea’s central bank has decided to keep the key interest rate unchanged, for the third time in a row, as inflation appears to be falling amid an economic slowdown.
In a widely anticipated decision, the Bank of Korea’s Monetary Policy Board (BOK) kept the benchmark seven-day repo rate unchanged at 3.5%.
This is the third consecutive time the Central Bank of Korea has maintained its position after the rate was frozen twice in February and second in April. The rate freeze came after the Central Bank of Korea raised borrowing costs seven times in a row since April last year.
The successive rate freeze raised expectations that the Central Bank of Korea could halt the active rate hike amid signs of moderate inflation, growing economic slowdown problems, and persistent concerns about global banking turmoil.
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