Back
15 May 2015
Bank of Korea (BoK) keeps rates steady
FXStreet (Mumbai) - As was widely anticipated, the Bank of Korea (BoK) kept interest rates steady on Friday, with recent signs that the economy is picking up, reducing the need for any further easing.
The benchmark rate was left at a record low 1.75% on Friday. The bank's last move on rates was in March when the cash rate was dropped 25 basis points.
BoK’s Policy Statement read, "The Korean economy is showing a moderate recovery centering around domestic demand activities, even though external demand has been sluggish,"
"In the coming months the Korean economy is expected to gradually improve, albeit at a moderate pace, thanks mainly to the effects of the accommodative policies undertaken to this time."
The benchmark rate was left at a record low 1.75% on Friday. The bank's last move on rates was in March when the cash rate was dropped 25 basis points.
BoK’s Policy Statement read, "The Korean economy is showing a moderate recovery centering around domestic demand activities, even though external demand has been sluggish,"
"In the coming months the Korean economy is expected to gradually improve, albeit at a moderate pace, thanks mainly to the effects of the accommodative policies undertaken to this time."