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BOK Keeps Key Rate at 3.5% for 11th Consecutive Time

Written: 2024-05-23 10:28:09Updated: 2024-05-23 15:45:05

BOK Keeps Key Rate at 3.5% for 11th Consecutive Time

Photo : YONHAP News

Korea’s central bank has kept the key interest rate steady at three-point-five percent for the eleventh consecutive time since February 2023. 

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

The rate freeze comes amid continued inflationary pressure with the inflation rate marking two-point-nine percent in April, staying above the BOK’s target of two percent. 

The weak Korean currency, increased volatility in exchange rates and a delay in the U.S. Federal Reserve’s rate cuts also appeared to have affected the BOK’s decision.

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