BOK Freezes Key Interest Rate at 3%
Korea's central bank has decided to freeze its key interest rate at 3-percent flaunting market consensus on another rate cut like the one made in July.
After its monthly monetary policy meeting, Bank of Korea Governor Kim Choong-soo said the BOK will freeze the current rate and keep a close eye on changing external factors, citing the slow economic recovery around the world.
In a press briefing, Kim said that a rate cut isn't so effective in the long run and that the current level seems "reasonable."
Kim added that the question of whether Korea will be able to reach a growth rate in the 3-percent range will be determined by next month.
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