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Thursday, 28 November 2019

Bank of Korea stands pat on interest rates, as widely expected

November 29, 2019

SEOUL (Reuters) – South Korea’s central bank left interest rates unchanged, as widely expected, at its last policy meeting of the year on Friday, while assessing the effect of its recent rate cuts on an economy hit hard by the Sino-U.S. trade war and cooling global demand.

The Bank of Korea’s policy board voted to hold the benchmark interest rate <KROCRT=ECI> steady at 1.25%, a media department official said, announcing a decision in line with forecasts by all the 19 economists polled by Reuters.

Governor Lee Ju-yeol is due to hold a news conference at 0220 GMT, when he is expected to disclose how the policy panel voted and give the central bank’s revised 2019-2020 economic growth and inflation forecasts.

(Reporting by Choonsik Yoo and Joori Roh; Editing by Muralikumar Anantharaman)

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