Bank of Korea Keeps Base Rate on Hold at 3.50%, Longest Period of No Change Since 2009

IconCryptoNewsTerminal Staff10 Jul, 2024

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Bank of Korea Keeps Base Rate on Hold at 3.50%, Longest Period of No Change Since 2009

The Bank of Korea (BOK) has frozen its base interest rate at 3.50% for the 12th consecutive meeting, the longest period of no change since 2009. This decision was widely expected by economists, who had forecast that the BOK would hold rates steady amid concerns about global economic headwinds. The BOK first raised its base rate from 3.25% to 3.5% in January 2023, marking the first hike in over four years. It has since maintained that rate in an effort to curb rising inflation while supporting economic growth. However, the central bank has also acknowledged the risks posed by the ongoing global economic slowdown and heightened geopolitical tensions. Going forward, the BOK will likely continue to monitor economic data closely before making any further changes to the base rate. The next monetary policy meeting is scheduled for July 2023.

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