- BoK holds rate at 3.50% in April, warns of weak economic growth
Market news
11 April 2023
BoK holds rate at 3.50% in April, warns of weak economic growth
Following are the key highlights from the Bank of Korea’s (BoK) monetary policy statement, as reported by Reuters. The South Korean central bank left its key interest rate unchanged at 3.50% for the second straight meeting in April.
Key takeaways
Weak economic growth to continue.
Economic growth seen slower than expected previously.
Inflation to slow to 3% range after Q2.
Inflation to be in line with previous expectations.
Monetary policy will continue to focus on dealing with inflation.
Tightening stance will remain in place for considerable period.
To extend eased rules for repo operations by three months.
Market reaction
USD/KRW is trading volatile within the range at around $1,320 on the announcement of the BoK rate decision. The spot is modestly flat on the day.
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