한은 기준금리 11연속 동결… 불안한 물가 속 연 3.50% 유지
Seoul's central bank has kept its benchmark interest rate frozen at 3-point-5 percent once again amid persisting inflationary pressure.
Meanwhile, the country's growth outlook has been revised upward to 2-point-5 percent for this year, taking robust exports into account.
Our finance correspondent Lee Soo-jin reports.
South Korea's central bank kept its benchmark interest rate steady at 3-point-5 percent as widely expected amid ongoing concerns about inflation.
The decision was announced on Thursday following the last monetary policy committee meeting of the first half of the year.
"While inflation is slowing, given the signs of recovery in economic growth, the exchange rate volatility, and geopolitical risks, we have decided to maintain our current monetary tightening stance."
This is the eleventh consecutive meeting that the BOK has decided to freeze the rate.
The base rate was last raised in January last year to 3-point-5 percent --the tenth consecutive rate hike.
The rate freeze decision this month comes amid ongoing concerns about inflation.
While the consumer price index ---a key gauge of inflation ---fell below the three percent range in April for the first time since January, consumer prices saw on-year increases of 3-point-1 percent in February and March.
Prices for agricultural goods, livestock, and fishery products were up 10-point-6 percent on-year in April.
Fresh fruits saw huge price increases with the price of apples up by more than 80 percent on year and pears up by more than 100 percent.
The BOK's decision was also influenced by the U.S. central bank, in its most recent May meeting, deciding to keep interest rates unchanged, as it’s unlikely that the BOK will cut interest rates ahead of the United States with the current interest rate gap at its largest ever at 2 percentage points.
"If the interest rate differential is large than you would see more capital flows going out of Korea. I think the Bank of Korea will wait until at least the end of the year to see whether the U.S. will lower their interest rate or not."
Meanwhile, the BOK also raised its economic growth outlook for this year to 2-point-5 percent, up from 2-point-1 percent, further adding to projections that the key interest rate will not be lowered for the time being.
The BOK governor said that the forecast has been raised mainly because of external factors such as the robust global IT sector and strong growth in the U.S. economy, as well as signs of recovery in domestic demand.
And, this year's inflation forecast was maintained at 2-point-6 percent.
"Moving forward, the Bank of Korea says it will remain vigilant in monitoring prices and geopolitical risks, and will maintain a monetary tightening policy stance until it has more evidence that inflation is coming under control.
Lee Soo-jin, Arirang News."
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2024-05-23, 18:00 (KST)
Негізгі бет Bank of Korea holds rates steady at 3.5% for 11th consecutive time
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