The Bank of Korea held a Monetary Policy Board meeting today (October 22) and kept the base interest rate frozen at 3.0%.
This is interpreted as a move to adjust the pace, following successive back-to-back rate hikes of 0.25 percentage points each in July and August.
The Monetary Policy Board stated, "We judged it necessary to examine how internal and external risk factors unfold and to monitor the impact of the two previous rate hikes," adding that all seven board members voted in favor of the freeze.
The bank also explained that this year's and next year's growth rates are expected to significantly exceed the previous projections of 3.3% and 2.9% made in August, while next year's consumer inflation and core inflation rates are also forecast to surpass the previous outlooks of 2.3% and 2.5%.
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