S. Korea freezes policy rate at record low of 0.50 pct
Source: Xinhua | 2020-11-27
South Korea's central bank froze its policy rate on Thursday at a record low for the sixth consecutive month.
Bank of Korea (BOK) Governor Lee Ju-yeol and six other monetary policy board members decided to leave the key seven-day repurchase rate changed at an all-time low of 0.50 percent.
The BOK cut its target rate by 25 basis points to the record-low level in May, after slashing it by 50 basis points in March to tackle an economic fallout from the COVID-19 outbreak.
The rate freeze decision was in line with market expectations. According to a Korea Financial Investment Association (KFIA) survey of 98 fixed-income experts, 98 percent predicted the rate on hold.
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