South Korea's central bank kept its key policy rate on hold on Thursday, avoiding the risk of fuelling runaway property prices amid government efforts to tamp down on demand in the sector.
SEOUL - South Korea’s central bank kept its key policy rate on hold on Thursday, avoiding the risk of fuelling runaway property prices amid government efforts to tamp down on demand in the sector.
“We assessed that revisions would be unavoidable, as global spreading accelerated even in July,” Lee told a news conference after the central bank held the base rate KROCRT=ECI steady at a record low of 0.5%, as forecast by all 30 economists polled by Reuters. Lee said a slower recovery in exports and global resurgence of coronavirus cases meant the economy would face a deeper contraction than earlier forecast.
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