South Korea holds rates for first time in 12 months

Governor says further rate hikes are possible as figures show economic contraction in last quarter

Bank of Korea, Seoul
The Bank of Korea

South Korea’s central bank kept its benchmark interest rate steady today (February 23), the first time it had done so in a year.

The Bank of Korea’s monetary policy board kept the base rate at 3.5%, after raising it in seven consecutive meetings. The last time the board kept its policy rate unchanged was on February 24 last year.

The governor said the decision did not mean the bank had ended its tightening cycle. “I don’t want today’s decision to be seen as the end of the rate hikes,” Rhee

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