Bank of Korea holds rates amid property market concerns

Governor Rhee Chang-yong warns cutting rates too soon could reignite inflation

Bank of Korea, Seoul

South Korea’s central bank kept its policy rate unchanged today (January 11) for the eighth straight meeting, with governor Rhee Chang-yong warning against premature rate cuts. 

The Bank of Korea’s (BoK) six-member monetary policy board unanimously decided to hold its benchmark rate at 3.5%, after raising it by a total of 300 basis points since August 2021. The decision had been widely anticipated by economists.

In its statement, the central bank dropped previous language that it will consider

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