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Financial News: Bank Of Korea Keeps Rate Unchanged

Bank Of Korea Keeps Rate Unchanged

08/31/2018 - 01:23:00 (RTTNews)

(RTTNews) - South Korea's central bank decided to leave its key rate unchanged, as widely expected, on Friday.

The Monetary Policy Board of the Bank of Korea decided to maintain the base rate at 1.50 percent.

Going forward, the Board expects domestic economic growth to be generally consistent with the path projected in July and sustain a rate at its potential level.

In the second quarter of 2018, the economy expanded at a slower pace of 0.7 percent sequentially, following first quarter's 1 percent increase.

The government forecasts the economy to grow 2.9 percent this year.

It is expected that inflation after remaining in the mid-1 percent range for sometime, will pick up and gradually approach the target level, the central bank said.

Looking ahead, the Board said it will conduct monetary policy so as to ensure that the recovery of economic growth continues and consumer price inflation can be stabilized at the target level over a medium-term horizon.

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