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BOK Freezes Key Rate at 3.25%

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저작자 미상 (저작물 2267374 건)

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공표년도

창작년도

2011-07-15

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The Bank of Korea has left the nation's key interest rate for July unchanged at 3.2-5 percent‚ in the face of mounting household debt and lingering uncertainty in the euro-zone.
Following a monthly policy meeting on Thursday‚ BOK officials said they have decided to freeze the benchmark base rate after raising it by a quarter percentage point last month.
The euro-zone debt crisis and the economic slowdown in the US were some of the major downside risks to the nation's growth cited by the central bank.
BOK Governor Kim Choong-soo said the European debt crisis could have a considerable effect on Korea indirectly‚ as a large part of foreign capital comes from Europe.
[Interview : Kim Choong-soo‚ Governor
Bank of Korea ] "I believe that if the eurozone's problem worsens‚ its direct impact on Korea will be great."
The freeze is in line with analysts' expectations‚ as many had predicted that the central bank would avoid a back-to-back rate hike.
This would increase the burden of household debt‚ which surpassed the 800 trillion won mark‚ or 7-hundred-48.8 billion US dollars‚ and has a negative impact on Korea's economy.
The central bank has raised the interest rate three times this year in January‚ March and June‚ each by a quarter-percentage point amid growing inflationary pressure triggered by the strong economic recovery.
Consumer prices in Korea rose 4.4 percent in June from a year earlier‚ marking the sixth consecutive month they exceeded the bank's inflation target band of two to four percent.
And the bank forecast consumer prices will remain on a "strong upward trend‚" mainly due to higher fresh food prices and demand-side pressures‚ adding that Korea appears to be on track for solid growth in coming months‚ thanks mostly to strong exports.
[Reporter : Hwang Sung-hee
ssung86@arirang.co.kr] "Although the central bank took a pause this month‚ experts say it may raise the rate twice more this year as it is likely that inflation will stay high in the second half of 2011.
Hwang Sung-hee‚ Arirang News."
Reporter : ssung86@arirang.co.kr

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