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Bank of Korea holds rates at record low

by ChemOrbis Editorial Team -
  • 11/08/2016 (15:03)
According to media reports, South Korea’s central bank, Bank of Korea (BOK), maintained the benchmark seven-day repurchase rate stable at an all-time low of 1.25%, in line with the economists’ expectations. The bank reported that it will wait for further policy action until they have a clearer outlook for the economy.

Some economists think that the BOK may cut the rates as the won is relatively strong and exports are weakening, but the bank prefers to take a wait and see stance amidst better than expected economic growth.

The BOK stated that the South Korean economy is improving on the back of domestic demand while exports are still muted, resulting in considerable uncertainties in the economy.

According to some economists, at least one more rate cut is possible within the year while others expect the bank to continue to keep rates unchanged.
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