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S. Korea's central bank freezes policy rate at 3.5 pct

SEOUL
2023-02-23 10:55

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SEOUL, Feb. 23 (Xinhua) -- South Korea's central bank on Thursday froze its policy rate in a bid to wait and see the effect of back-to-back rate hikes for the past one and a half years.

Bank of Korea (BOK) Governor Rhee Chang-yong and other monetary policymakers decided to leave the benchmark seven-day repurchase rate unchanged at 3.50 percent.

It was in line with market expectations. According to the Korea Financial Investment Association's poll of 100 fixed-income experts, 66 percent predicted the rate freeze this month.

The BOK had delivered seven back-to-back rate hikes between August 2021 and January 2023, raising its policy rate by 3.0 percentage points from a record low of 0.50 percent.
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