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BOK Keeps Key Rate at 3.5% for 9th Consecutive Time

Written: 2024-02-22 10:16:55Updated: 2024-02-22 17:18:39

BOK Keeps Key Rate at 3.5% for 9th Consecutive Time

Photo : YONHAP News

Korea’s central bank has kept the key interest rate steady at three-point-five percent for the ninth consecutive time since last February. 

The decision was made during the year's second rate-setting session by the Monetary Policy Board of the Bank of Korea(BOK) on Thursday, maintaining the largest-ever two-percentage-point gap with the U.S. Federal Reserve's rate.

The rate freeze comes amid the persistent growth of household debt and amid  inflation, which fell to the two-percent range in January for the first time in six months, but could rise again any time.

Other likely factors in the BOK's decision are rising woes over project financing developments and a delay in the U.S. Federal Reserve’s rate cuts.

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