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Bank of Korea keeps rates unchanged at record low

by ChemOrbis Editorial Team -
  • 11/09/2015 (11:14)
According to media reports, South Korea’s central bank, the Bank of Korea (BOK), kept its main interest rates unchanged at record low levels for a third consecutive month on September 11. On June 11, the bank had cut its rate by 25 basis points to an all time low of 1.5% due to the negative economic atmosphere stemming from rapid spread of Middle East Respiratory Syndrome (MERS) since late May. The bank’s decision to hold the seven-day repurchase rate at a record low of 1.5% was in line with Bloomberg economists’ expectations.

The bank reported that they kept rates steady as they are gauging uncertainties in the economy stemming from the ongoing slowdown in the Chinese economy and the possibility of a rate increase from the US Federal Reserve. The bank expects the economy to grow2.8% in 2015, which is stronger than Bloomberg economists’ forecasts, which call for a growth rate of 2.6%.
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