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Bank of Korea keeps key rate at record low
November 12, 2009, Thursday
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SOUTH Korea's central bank has left its key interest rate at a record low for a ninth straight month.
The Bank of Korea in a decision today kept the benchmark seven-day repurchase rate at 2 percent at a monthly policy meeting.
The central bank slashed the rate six times since more than a year ago to help battle the effects of the global financial crisis. Declines in global consumer demand in the wake of the world slowdown hit demand for South Korean products.
Asia's fourth-largest economy has now fought back from its worst slowdown since the 1997-98 Asian financial crisis to record three straight quarters of growth on a rebound in exports and production.
The Bank of Korea in a decision today kept the benchmark seven-day repurchase rate at 2 percent at a monthly policy meeting.
The central bank slashed the rate six times since more than a year ago to help battle the effects of the global financial crisis. Declines in global consumer demand in the wake of the world slowdown hit demand for South Korean products.
Asia's fourth-largest economy has now fought back from its worst slowdown since the 1997-98 Asian financial crisis to record three straight quarters of growth on a rebound in exports and production.
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