SEOUL, Feb 23 — South Korea’s central bank on Thursday froze benchmark interest rates at 3.5 per cent owing to concerns over the slowing economy, ending a year-long run of hikes.
While the inflation is projected to be “above the target level” this year, the BOK said in a statement it was deemed “appropriate to judge whether the base rate needs to rise further while assessing the pace of inflation slowdown”. The BOK said the economy had slowed because of weakening consumption and a continued decrease in exports.
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