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South Korea's central bank freezes key interest rate

South Korea,Business/Economy, Fri, 13 Apr 2012 IANS

Seoul, April 13 (IANS) South Korea's central bank Friday said it froze the benchmark interest rate at 3.25 percent for April, leaving the 7-day repo rate unchanged for 10 straight months.

 

The Bank of Korea (BOK)'s decision was in line with market consensus as experts predicted the rate freeze due to conflicting factors such as resurfacing downside risks to the economy and the remaining inflationary pressures, reported Xinhua.

 

 

The BOK has lifted the borrowing costs by a total of 125 basis points (bps) in five steps to 3.25 percent since July 2010 in a bid to curb inflation. Before that, the central bank lowered the key rate by 325 bps to a record low of 2 percent following the 2008 global financial crisis.

 


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