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South Korea holds interest rates steady at record low

by ChemOrbis Editorial Team -
  • 14/01/2016 (17:27)
According to media reports, the Bank of Korea (BOK) kept its key interest rates stable at record low levels for a seventh straight month at its meeting on January 14. The BOK had cut its policy interest rate by 25 basis points to an all-time low of 1.5% in June 2015.

The bank’s decision to keep rates stable was in line with expectations, according to a survey by the Korea Financial Investment Association (KFIA). Economic conditions in South Korea are reported to have progressed owing to the record-low interest rate and the government’s efforts to revive economy.

South Korea’s domestic auto sales climbed 17.7% on the year in December while gasoline and diesel sales also rose 2.4%. The country’s exports, meanwhile, fell for a twelfth straight month in December, falling 13.8% on a yearly basis on the back of an economic slowdown in emerging economies.
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