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Base Rate, ‘Frozen’ at 3.5% for 9 Consecutive Times… Growth Rate 2.1%

NSP NEWS AGENCY, By Soon-ki Lee and Soo-in Kang, 2024-02-22 16:07 ENX7
#BaseRate #Frozen #9ConsecutiveTimes

(Seoul=NSP NEWS AGENCY) = The Bank of Korea’s Monetary Policy Committee froze the base rate at the current level of 3.5%. The BOK has frozen the base rate for a total of 9 consecutive times from February of last year to April, May, July, August, October, November, and January of this year.

The previous forecast, made in November last year, was maintained. The BOK had previously forecast real gross domestic product(GDP) growth of 2.1% for this year in November last year. Next year’s growth was forecast at 2.3%.

The consumer price inflation rate was also maintained at the previous forecast of 2.6%. Next year, it is predicted to be 2.1%.

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