The Bank of Korea sets the key interest rate at 2.5%
SEOUL, January 15, 2017 (WAM) – The Central Bank of Korea left the benchmark interest rate unchanged again, today, Thursday.
The Korean Yonhap News Agency reported that the Monetary Policy Council of the Bank of Korea kept the key interest rate at 2.5% at its meeting to set the interest rate in Seoul, for the fifth time in a row since last July.
She added that this decision comes despite the central bank’s continued monetary easing cycle, noting that since October 2024, the Bank of Korea has reduced the benchmark interest rate by 100 basis points from 3.5%, in a clear attempt to boost economic growth.
She pointed out that the consumer price index rose by 2.3% over the previous year in December, keeping inflation above the central bank’s target of 2% for the fourth month in a row, pointing out that the import price index rose for the sixth month in a row last month despite the decline in global oil prices, recording the first series of this kind since 2021.
The Bank of Korea expects the domestic economy to grow by 1.8% this year, up from about 1% last year, on the back of strong exports and improved private consumption.
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