The Bank of Korea held a Monetary Policy Board meeting today (October 22) and froze the base rate at 3.0%.

Following back-to-back rate hikes of 0.25 percentage points each in July and August, the decision is seen as a move to adjust the pace while assessing the impact on the market.

Another factor behind the freeze is that the urgency for additional hikes has diminished, as last month's consumer price inflation rate fell to 2.9% compared to the same month last year, down from 3.1% the previous month.

Previously, BOK Governor Shin Hyun-song stated during a parliamentary audit on October 12, "We plan to determine the timing and pace of additional hikes while closely monitoring inflation, economic trends, and financial stability."