Asia-Pacific keeps rates on hold as Brazil surprises with 75bp cut

asia markets

The Bank of Korea, Bank Indonesia (BI) and the Reserve Bank of New Zealand all kept their key policy lending rates on hold on March 8. The rate moves came as the global growth outlook improved, confidence in Europe's ability to address its sovereign debt issues increased and higher fuel prices heightened inflationary concerns.

The Bank of Korea left its base rate unchanged at 3.25%, Bank Indonesia kept the BI rate at 5.75% and the Reserve Bank of New Zealand left its official cash rate at 2.5%.

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