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Bank of Korea keeps rates at record low

by ChemOrbis Editorial Team -
  • 09/04/2015 (10:33)
According to media reports, the Bank of Korea (BOK) kept its key interest rates stable at a record low on April 9. The BOK had cut its policy interest rate by 25 basis points to all time low of 1.75% on March 12 in order to boost economic growth and ease deflation risks stemming from the strengthening won. The bank’s decision to maintain rates was in line with analysts’ forecasts, according to a survey by Bloomberg.

Analysts commented that the South Korean has not seen any noticeable signs of improvement since the bank began cutting rates last year. Consumer prices increased 0.4% on the year in March, the slowest rate of inflation seen since July 1999 while exports have fallen every month so far in 2015.

According to analysts, the central bank may lower its 2015 growth outlook to around 3% from January’s 3.4% prediction and it may also cut its inflation estimates to 0.9% from 1.9%. The South Korean economy expanded at the slowest pace since 2009 in the last quarter of 2014 with a growth rate of 0.3%.
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