S. Korea keeps rate
May 13, 2010, Thursday
|
Print Edition
Print Edition
SOUTH Korea's central bank left its key interest rate at a record low yesterday amid worries Europe's debt crisis could undermine global growth but hinted an increase in borrowing costs is not far off.
It was the 15th straight month that the Bank of Korea had left its benchmark seven-day repurchase rate unchanged at 2 percent.
Its monetary policy committee painted a generally bright picture of South Korea's economy, saying in a statement that "exports remain strong and investment and consumption have steadily increased."
But the committee expressed concern over financial problems in some European countries, an apparent reference to Greece and others on the continent's fringe.
"There is an underlying risk that the international financial markets may be destabilized at any time, because no fundamental solution of government debt problems in certain southern European countries has yet been reached," the committee said.
(Kelly Olsen)
It was the 15th straight month that the Bank of Korea had left its benchmark seven-day repurchase rate unchanged at 2 percent.
Its monetary policy committee painted a generally bright picture of South Korea's economy, saying in a statement that "exports remain strong and investment and consumption have steadily increased."
But the committee expressed concern over financial problems in some European countries, an apparent reference to Greece and others on the continent's fringe.
"There is an underlying risk that the international financial markets may be destabilized at any time, because no fundamental solution of government debt problems in certain southern European countries has yet been reached," the committee said.
(Kelly Olsen)
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