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Bank of Korea keeps rates unchanged at 2% for Nov

by ChemOrbis Editorial Team -
  • 13/11/2014 (15:30)
According to media reports, the Bank of Korea (BOK) kept its seven-day repurchase rate stable at a record low of 2% for November, in line with the expectations. The bank had lowered its key rate from 2.25% in October.

In October, the Bank cuts its growth estimates to 3.5% this year from 3.8% and to 3.9% from 4% for 2015 because of slowing domestic demand and lower exports in the face of Japan’s weaker yen against South Korean won, which has hurt exports. The country’s gross domestic product (GDP) rose 0.9% in the third quarter after posting a decrease of 0.5% in the second quarter of this year.
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