SEOUL, Aug. 24 (Yonhap) — The Bank of Korea (BOK) decided to maintain the benchmark seven-day repo rate at 3.5 percent for the fifth consecutive time on Thursday, as the Asian country’s economy is facing a slowdown in growth due to moderating inflation and external risks.
The BOK had previously raised the rate seven consecutive times from April 2022 to January 2023, before freezing it in February, April, May and July.
South Korea’s economy is being impacted by a slump in exports and a slowdown in its largest trading partner, China, leading to a decrease in inflationary pressure.
Containers are stacked at a pier in South Korea's largest port city of Busan, in this July 4, 2023, file photo. (Yonhap)
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