No rates change, recovery "gradual" - BoK's Park

- Central Banking staff
- 11 Nov 2005

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The Bank of Korea (BoK) on Thursday 10 November left its benchmark short-term interest rate unchanged at 3.5 percent. The decision was widely expected by market participants, following a 25 basis point increase last month.

BoK governor, Park Seung, said the Korean economy is expected to achieve its growth potential in the fourth quarter of this year, adding that the bank is confident the recovery will gain further momentum next year.

"Recovery is steady and gradual. It will turn better in the

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