Bank of Korea stands pat again as economy shows signs of cooling

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Bank of Korea stands pat again as economy shows signs of cooling
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South Korea's central bank stood pat on interest rates for a sixth consecutive time, as widely expected, as the economy shows signs of cooling while...

South Korea’s central bank stood pat on interest rates for a sixth consecutive time, as widely expected, as the economy shows signs of cooling while uncertainty in the Middle East grows.

All 27 analysts surveyed by The Wall Street Journal ahead of the bank’s decision had forecast no change to the rate in October. They expect the bank to hold the policy rate steady until the end of 2023, with some penciling in rate cuts in 2024 to support economic growth and ease financial stress for households.

South Korea’s economy has been cooling despite some recent signs of a recovery, with exports shrinking on a year-on-year basis for a 12th consecutive month in September.

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