Bank of Korea continues rate pause

Central bank cites ‘uncertainties’ in deciding to hold

Bank of Korea, Seoul
Bank of Korea, Seoul

The Bank of Korea (BoK) maintained its policy rate unchanged at 3.5%, it announced on October 19. Market observers widely expected the central bank would hold rates steady. The decision by the seven-member monetary policy board was unanimous.

The South Korean central bank has kept the policy rate unchanged since January, after raising it by 300 basis points between August 2021 and January 2023.

In its monetary policy statement, the board cited growing “uncertainties”. These oblige the board to

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