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Bank of Korea leaves rates at record low, cuts growth forecast

by ChemOrbis Editorial Team -
  • 09/07/2015 (10:32)
According to media reports, South Korea’s central bank, the Bank of Korea (BOK), kept its policy rate at an all time low of 1.50% on July 9 in order to monitor the affects of the recent rate cut on the economy. On June 11, the bank cut interest rates due to concerns on that an increased number of MERS cases would raise public anxiety and thereby negatively affect consumer spending. The bank’s decision of keeping its rates unchanged was in line with Bloomberg economists’ estimates.

In addition to MERS, the slowing Chinese economy, which is South Korea’s largest export market and the ongoing Greek debt crisis also helped generate uncertainty in South Korea’s economy. The country’s overseas sales declined 1.8% on the year in June while industrial output fell 2.8% in May from a year earlier.

Meanwhile, the central bank cuts its growth forecast for 2015 to 2.8% from the previously estimated growth rate of 3.1% in April while it kept its inflation estimate stable at 0.9%.
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