South Korea freezes policy rate for 13 months banks
South Korea's central bank
Seoul - XINHUA
South Korea's central bank on Thursday froze its policy rate for 13 months in a row as concerns about negative effect from the ferry sinking disaster eased amid some signs of reviving consumption.
Bank of Korea Governor Lee Ju-yeol, who convened his third monetary policy meeting, decided to keep the seven-day repurchase rate on hold at 2.5 percent with five other monetary policy board members. The benchmark interest rate has been anchored at the level since May 2013 when the rate was lowered to 2.5 percent.
The rate freeze was widely predicted as worries eased about sluggish consumer confidence caused by the deadly ferry sinking disaster.
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