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Financial News: Bank Of Korea Keeps Rate Steady

Bank Of Korea Keeps Rate Steady

01/17/2020 - 00:45:00 (RTTNews)

(RTTNews) - The Bank of Korea left its key interest rates unchanged on Friday as sluggishness in the domestic economy eased somewhat.

The Monetary Policy Board of the Bank of Korea decided to maintain the base rate at 1.25 percent. The bank had reduced the rate by 25 basis points each in July and October 2019.

The board noted that facilities investment has slightly increased and consumption growth has expanded, although construction investment and exports have continued to decline.

GDP is forecast to grow at the lower-2 percent level this year, consistent overall with the level projected in November.

Due to a smaller decline in agricultural product prices, consumer price inflation has risen to the upper zero percent level. Inflation is forecast to rise to around 1 percent, generally in accord with the path projected in November, and core inflation to run at the upper-0 percent level.

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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