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South Korea leaves interest rates at record low

by ChemOrbis Editorial Team -
  • 13/11/2015 (12:15)
According to media reports, the Bank of Korea (BOK) left its key interest rates unchanged at record low levels for a fifth consecutive month at its meeting on November 12. 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 cited the uncertain outlook in the global economy as the main reason behind their rate decision. According to the bank, demand from China, which is South Korea’s main export destination, remains weak and the US Federal Reserve may increase rates at its monthly meeting in December.

In October, South Korea’s exports fell 15.8% from a year earlier, posting the biggest decline since 2009. In spite of this, South Korea’s economic growth accelerated to a five-year high in the third quarter, growing 1.2% on a seasonally adjusted basis after posting a growth rate of 0.3% in the previous quarter.
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