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
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