South Korea's Central Bank Keeps Rate Unchanged For 10Th Consecutive Time

2024-04-12 10:02:28

(MENAFN- The Peninsula) QNA

Seoul: South Korean central bank on Friday decided to leave the Base Rate unchanged at 3.50% for the intermeeting period, marking the 10th consecutive decision to hold since it last hiked in early 2023.

The rate freeze took place as inflationary pressure in Asia's fourth-largest economy still remains high, while Korea's economy has shown signs of a recovery in exports.

The rate freezes came after the central bank delivered seven consecutive rate hikes from April 2022 to January 2023.

South Korea continued to experience high inflationary pressure last year following the sharpest inflation in decades in 2022.

The country's inflation stayed over 3 percent for the second consecutive month in March on record prices of fruits and rising global oil prices.

Consumer prices, a key gauge of inflation, rose 3.1 percent on-year last month, following a 3.2 percent increase the previous month.

In January, inflation fell below 3 percent for the first time since July 2023, but high prices of fruits, farm produce and energy have caused inflationary pressure to flare up again.

MENAFN12042024000063011010ID1108087928

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.