South Korea keeps monetary policy unchanged

Board says it would be premature to expect inflation to fall to target level despite improvement

Bank of Korea, Seoul
Bank of Korea, Seoul

The Bank of Korea’s seven-member monetary policy board decided unanimously to keep the base rate at 3.5%, unchanged for the tenth straight meeting.

The board said it would be “premature to be confident that inflation will converge on the target level”, despite forecasting continuing slowdown in core inflation. It said it would “keep a restrictive monetary policy stance for a sufficient period of time”. 

The wording of the latest statement differed from that in the February statement, which said

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