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| ▲ Containers are stacked at a pier in South Korea's largest port city of Busan, in this July 4, 2023, file photo. (Yonhap) |
BOK-rate freeze
BOK stands pat for 5th consecutive time amid slowdown woes
SEOUL, Aug. 24 (Yonhap) -- South Korea's central bank held its key interest rate steady for the fifth straight time Thursday as it weighs a slowdown in growth amid moderating inflation.
In a widely expected decision, the monetary policy board of the Bank of Korea (BOK) kept the benchmark seven-day repo rate unchanged at 3.5 percent.
This marked the fifth straight time that the BOK has stood pat following rate freezes in February, April, May and July. The rate freezes came after the BOK delivered seven consecutive rate hikes from April 2022 to January 2023.
Asia's fourth-largest economy is facing the prospect of slowing down in the face of growing economic risks in China, the country's largest trading partner, and an extended slump in outbound shipments amid easing inflationary pressure.
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