BoK holds as Shin signals rate hikes to come
Governor says tech growth to outweigh drag of Middle East conflict
Bank of Korea governor Hyun Song Shin said today (May 28) that interest rates would remain on hold following his first policy meeting as head of the central bank, while stating that rate hikes would follow.
The BoK’s benchmark interest rate would remain at 2.5% following a policy meeting at which two of the board’s seven members voted to increase the rate by 25 basis points, according to a release. Shin said the decision was made based on the BoK’s forecasts that South Korea would experience both
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