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The Bank of Korea, ‘Freezing’ the Base Rate for the Fifth Consecutive Time... Next year’s Economic Growth Rate Forecast Lowered By 0.1%p

NSP NEWS AGENCY, By Soon-ki Lee and Soo-in Kang, 2023-08-25 13:14 ENX7
#BOK #BaseRate #Freezing

(Seoul=NSP NEWS AGENCY) = The Monetary Policy Committee of the BOK froze the base rate at the current 3.5%. While consumer price inflation rate is stable at around 2%, it appears to be the result of concerns that recent bad news from China will delay Korea’s economic recovery.

On the 24th, the BOK Monetary Policy Committee said, “It has frozen the BOK’s base rate at 3.5%.”

At the same time, it also announced a revised economic outlook. The BOK announced its revised economic outlook in May, predicting a growth rate of 1.4% and a consumer price inflation rate of 2.3% this year. This time, the BOK lowered its forecast for next year’s growth rate by 0.1%p from 2.3% to 2.2%.


Consumer price inflation rate recorded 2.7% and 2.3% in June and July, respectively, and remained in the 2% range for two consecutive months. The BOK forecasted consumer price inflation rate at 3.5 percent this year and 2.4 percent next year. It is expected that price will recover to the 2% range next year after rising to around 3% at the end of this year.

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