Bank of Korea keeps rates at record low of 1.75%
Analysts commented that the central bank is exhibiting a wait-and-see mode to see the effects of its previous rate cuts as the economy has showed signs of improving. In the first quarter, South Korea’s gross domestic product (GDP) grew 0.8% after expanding 0.3% in the last quarter of 2014.
In March, the central bank lowered its 2015 growth outlook to 3.1% from its previous forecast of 3.4% while the country’s finance ministry predicts a stronger growth rate of 3.8% this year as the ministry reportedly stated that the economy has shown signs of improving recently on the back of low oil prices and higher housing prices. In April, the housing market in South Korea expanded 0.4% on the month.
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