The Bank of Korea held its policy rate steady for a fourth-straight meeting and pledged to retain a restrictive policy stance for a prolonged period as it seeks to put a lid on consumer inflation.
The central bank kept its seven-day repurchase rate at 3.5% on Thursday as predicted by all 15 economists surveyed by Bloomberg News. The BOK pledged in its statement to keep a restrictive policy stance for a “considerable time with an emphasis on ensuring price stability.”
In his post-meeting press conference, Governor Rhee Chang-yong said the decision was unanimous, with all six members on his board remaining open to the possibility of ultimately lifting the rate to 3.75%, as was the case in May.
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