The Bank of Korea announces that it has decided to maintain its interest rates at 3% in a surprising decision.
The South Korean central bank on Thursday decided to keep its benchmark policy rate at 3%, despite having made two consecutive cuts in its previous meetings due to a slowing economy.
Economists polled by Reuters had estimated a 25-basis-point cut.
The Kospi index in South Korea increased by 1.25%, while the Kosdaq index rose by 1.69%. Additionally, the South Korean won strengthened by approximately 0.3% to trade at 1,450.27.
Amid political turmoil in the country, with impeached President Yoon Suk Yeol being arrested Wednesday, the BOK has made a move.
This is breaking news. Please check back for updates.
by Lim Hui Jie
Asia Economy
You might also like
- In the fourth quarter, South Korea's GDP growth rate was the slowest in six quarters, falling short of expectations.
- According to a CNBC survey, it is predicted that the Bank of Japan will increase interest rates this week.
- China's GDP in the fourth quarter increases by 5.4%, exceeding market predictions due to the implementation of stimulus measures.
- The Bank of Korea announces that it has decided to maintain its interest rates at 3% in a surprising decision.
- In December, China's imports experienced unexpected growth, while exports exceeded expectations as well.