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BOK holds key rate steady in July

PUBLISHED : July 13, 2017 - 11:07

UPDATED : July 13, 2017 - 11:07

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[THE INVESTOR] Korea’s central bank on July 13 held its key rate steady for July.

In a widely expected move, the monetary policy board of the Bank of Korea voted to keep the key rate at 1.25 percent, extending its wait-and-see approach for the 13th consecutive month.

In June last year, Korea’s central bank made a surprise rate cut, citing a need to stimulate the lackluster economy amid a prolonged economic slowdown.

The latest move came hours after Federal Reserve Chair Janet Yellen suggested that an additional rate hike could be made within this year. She also told Congress that the Fed is seeking to reduce its securities holdings, a move that could spur rates to rise further.

In June, the Fed raised key interest rates by 0.25 percentage point, marking up the target range for the federal funds rate to 1-1.25 percent.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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