The Bank of Korea freezes the key interest rate at 2.5%

SEOUL, October 23 / WAM / The Central Bank of the Republic of Korea kept the key interest rate unchanged today, Thursday, to maintain financial stability amid rising real estate prices and the weakness of the won currency.

The Korean Yonhap News Agency reported that the Monetary Policy Board of the Central Bank of Korea decided to freeze the key interest rate at 2.5% during its meeting to set interest rates in Seoul.

This decision represents the third freeze in a row, although the Bank of Korea stressed the need to support economic recovery through monetary easing.

The central bank began its monetary easing cycle in October last year, and has cut key interest rates by a total of 100 basis points since then, with the latest cut implemented in May.

At its meeting last September, the Federal Reserve lowered the key interest rate by a quarter of a percentage point to between 4 and 4.25% and hinted at two more cuts this year.

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