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Bank of Korea keeps interest rate at record low
Source: Agencies |
January 8, 2010, Friday
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SOUTH Korea's central bank has left its key interest rate at a record low for an 11th straight month as the country's economic recovery solidifies.
The Bank of Korea says it kept its benchmark seven-day repurchase rate at 2 percent at a monthly policy meeting today.
The BOK slashed the rate six times starting in October 2008 to help battle the impact of the global slowdown. It has left the rate unchanged since last March as the economy stabilized and began to recover.
Asia's fourth-largest economy has recorded three straight quarters of growth largely on a rebound in exports and manufacturing after contracting in the final three months of 2008.
The economy grew 3.2 percent in the third quarter, its best performance in more than seven years.
The Bank of Korea says it kept its benchmark seven-day repurchase rate at 2 percent at a monthly policy meeting today.
The BOK slashed the rate six times starting in October 2008 to help battle the impact of the global slowdown. It has left the rate unchanged since last March as the economy stabilized and began to recover.
Asia's fourth-largest economy has recorded three straight quarters of growth largely on a rebound in exports and manufacturing after contracting in the final three months of 2008.
The economy grew 3.2 percent in the third quarter, its best performance in more than seven years.
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