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Bank of Korea keeps rates at all-time low, cuts growth forecasts

by ChemOrbis Editorial Team -
  • 14/07/2016 (11:20)
According to media reports, South Korea’s central bank, Bank of Korea (BOK), kept the benchmark seven-day repurchase rate unchanged at an all-time low of 1.25% in order to see the effect of the rate cut in the previous month. The bank had unexpectedly cut its policy rate by 25 basis points on June 9.

The bank also cut its growth forecasts for 2016 to 2.7% for from its earlier estimate of 2.8%. In 2015, the South Korean economy grew 2.6%, slower than a growth rate of 3.3% in 2014.
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