Bank of Korea holds policy rate
MPC members open to cutting rates in next three months, despite concerns over rising home prices
The Bank of Korea (BoK) has held its policy rate for the thirteenth consecutive meeting, citing the need to monitor stability risks including rising home prices and foreign exchange volatility.
The BoK’s seven-member monetary policy committee (MPC) decided unanimously today (August 22) to keep the base rate at 3.5%. The rate has been unchanged since January 2023.
BoK governor Rhee Chang-yong said inflation in South Korea had continued to slow and there had been a modest recovery in domestic demand
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