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South Korea keeps interest rates at record low of 1.5%

by ChemOrbis Editorial Team - content@chemorbis.com
  • 10/12/2015 (11:04)
According to media reports, the Bank of Korea (BOK) kept its key interest rates stable at record low levels for a sixth straight month at its meeting on December 10. The BOK had cut its policy interest rate by 25 basis points to an all-time low of 1.5% in June. The bank’s decision to keep rates stable was in line with Bloomberg economists’ forecasts.

The central bank reported that they plan to wait to see the effects of the US Fed’s possible rate hike decision on the global economy before taking their next move. The US Federal Reserve may increase rates at its monthly policy meeting on December 15-16.

South Korea’s economy grew 1.3% on a seasonally adjusted basis in the third quarter, posting the fastest growth rate since the second quarter of 2010. The revised quarterly growth rate topped earlier projections of 1.2% for the July-September period as well as the growth rate of 0.3% posted in the second quarter of 2015. In October, the BOK reported that they expect to see growth of 3.2% and a 1.7% inflation rate in2016.
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