Arab Today, arab today south korea keeps interest rate at record low
Last Updated : GMT 21:53:08
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South Korea keeps interest rate at record low

Arab Today, arab today

Arab Today, arab today South Korea keeps interest rate at record low

The decision by the Bank of Korea was widely expected
Seoul - AFP

South Korea's central bank on Thursday left its key interest rate unchanged at a record-low 1.5 percent for the fifth straight month ahead of a possible US rate hike.

The widely expected decision by the Bank of Korea was reached unanimously by its seven-member Monetary Policy Board, following a cut of 0.25 basis points in June.

The bank has cut its interest rate by a full percentage point in four stages since August last year.

The board forecast a continued recovery in the domestic economy, but said uncertainties surrounding the growth path remained "high".

It particularly highlighted a persistent slump in exports, which account for about half of South Korea's gross domestic product.

The board also voiced concern about the possible impact on the global economy -- especially emerging markets -- if hints by the US Federal Reserve of a December rate hike become a reality.

South Korea's economic growth reached a five-year high in the third quarter thanks to a strong rebound in domestic demand, following a slump caused by a deadly outbreak of Middle East Respiratory Syndrome (MERS) in May.

Asia's fourth-largest economy expanded by 1.2 percent in the July-September period, the fastest on-quarter growth since the second quarter of 2010, and up from just 0.3 percent in the April-June period.

The central bank said consumers had ventured back into shopping malls as the threat posed by the MERS outbreak receded.

 

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