South Korea’s central bank holds rates steady again

Governor says board agreed restrictive policy should continue for a considerable time

Bank of Korea, Seoul
The Bank of Korea

The Bank of Korea held its policy rate steady for the fourth consecutive meeting today (July 13), amid lingering inflationary pressures and a sluggish economy.

The BoK’s seven-member board unanimously decided to leave the base rate unchanged at 3.5%, the highest level since December 2008. The board thought it was appropriate to maintain its current “restrictive” policy for a considerable time, BoK governor Rhee Chang-yong told a press conference.

Rhee said six board members were open to the

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