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S.Korea freezes interest rates at record low

Xinhua, January 14, 2016 Adjust font size:

South Korea's central bank on Thursday froze interest rates at a record low as expected, keeping a wait-and-see stance for seven straight months.

Bank of Korea (BOK) Governor Lee Ju-Yeol and six other policy board members decided to keep the benchmark 7-day repurchase rate on hold at 1.5 percent. The bank lowered it by 25 basis points in March and June last year each to the all-time low.

The rate freeze was widely expected on mixed signals of economic conditions at home and abroad. According to a Korea Financial Investment Association (KFIA) survey of 101 fixed-income analysts, 98 percent predicted the rate on hold. Endit