Arab Today, arab today south korea freezes interest rates at 25
Last Updated : GMT 12:44:13
Arab Today, arab today
Arab Today, arab today

South Korea freezes interest rates at 2.5%

Arab Today, arab today

Arab Today, arab today South Korea freezes interest rates at 2.5%

?Seoul - XINHUA

South Korea\'s central bank froze its policy rate at 2.5 percent on Thursday in a bid to wait and see the effect of the prior month\'s rate cut on the sluggish economy. Bank of Korea (BOK) Governor Kim Choong-soo and monetary policy board members left the benchmark seven-day repurchase rate unchanged at 2.5 percent after lowering the rate by 25 basis points last month in a 6-1 vote. The seven-member committee lowered the borrowing costs by 25 basis points in July and October last year. The decision was in line with market consensus as experts predicted the rate freeze on expectations that the central bank would refrain from altering the rate for the time being to monitor the effect of the prior month\'s rate cut and fiscal stimulus policies. The Ministry of Strategy and Finance unveiled the supplementary budget plan of 17.3 trillion won (15 billion U.S. dollars) in mid- April after slashing its 2013 growth outlook from 3 percent to 2.3 percent. The downgraded figure was lower than 2.6 percent estimated by the BOK. Simultaneous stimulus measures from both monetary and fiscal sides came amid the still faltering economy. The Asia\'s No. 4 economy marked the zero-percent range growth for eight straight quarters in the first quarter. The BOK revised down the real gross domestic product (GDP) growth for the first quarter from 0.9 percent to 0.8 percent on an on-quarter basis. According to the survey by the Korea Financial Investment Association (KFIA) of 134 market watchers before the rate decision, 97.8 percent of the respondents projected the rate freeze this month on the back of the expected recovery arising from the fiscal and monetary stimulus. Expectations for additional rate cut remained amid concerns over the low-growth trend. \"Economic uncertainties at home and abroad lingered. The BOK may cut interest rates further in July when it plans to unveil the revised 2013 growth outlook,\" said Lee Jungjoon, a fixed-income analyst at HMC Investment & Securities. Finance Minister Hyun Oh-seok on Tuesday expressed his worries about the unprecedented low-growth trend, citing external uncertainties such as quantitative easing, Abenomics and the possible exit by the U.S. from quantitative easing. Aggressive monetary easing in major economies helped moderate the global economic recession and stabilize international financial markets, but it caused unintended negative side effects such as the fluctuating capital flow in and out of emerging economies. The Abenomics, or the economic policy advocated by Japanese Prime Minister Shinzo Abe, caused the Japanese yen\'s depreciation against the U.S. dollar as well as the South Korean won, worsening the price competitiveness of local exporters which are competing with Japanese rivals in overseas markets. The finance minister cautioned that recovery momentum of the Asia\'s No. 4 economy remained weak despite the rebound in the first quarter, saying that the government will make all-out efforts in the second half to break the low-growth trend.   

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korea freezes interest rates at 25 Arab Today, arab today south korea freezes interest rates at 25

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korea freezes interest rates at 25 Arab Today, arab today south korea freezes interest rates at 25

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday