Bank of Korea keeps key interest rate steady at 0.75%
Updated: 2021-10-12 13:40:02 KST
South Korea's central bank has frozen its key interest rate at point-seven-five percent.
The news follows a monetary policy meeting Tuesday.
Uncertainties still exist in the global stock market including fallout from issues stemming from China's debt-ridden real estate giant Evergrande.
Domestically, spending is low due to the virus.
The Bank of Korea raised rates by point-two-five percent in August to manage any risks of inflation.
It has consecutively raised benchmark interest rates only once since the year 2000.
That was in July and August in 2007.
There's usually roughly a 3 to 12-month gap before any additional raises are made creating a gradual hike to minimize chaos in the financial market.
Experts say that there could be a rise in interest rates in November in response to rising household debt and property prices.
As the U.S. Federal Open Market Committee, dubbed FOMC is scheduled for early November, South Korea is likely to make any decision after observing changes in the market.
And, South Korea's next monetary policy meeting is scheduled for November 25th.
Jang Tae-hyun, Arirang News.