BUSINESS S. Korea freezes policy rate at record low of 1.25 pct

BUSINESS

S. Korea freezes policy rate at record low of 1.25 pct

Xinhua

12:27, February 27, 2020

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File photo: CGTN

South Korea's central bank froze its policy rate at a record low of 1.25 percent on Thursday.

Bank of Korea (BOK) Governor Lee Ju-yeol and six other monetary policy board members decided to leave the benchmark seven-day repurchase rate unchanged at 1.25 percent.

The target rate was slashed to the current record-low level in October last year, following the cut from 1.75 percent to 1.50 percent last July.

The rate freeze was in line with market expectations. According to the Korea Financial Investment Association (KFIA) survey of 200 fixed-income experts conducted on Feb. 12-18, 81 percent predicted the rate on hold.

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