S.Korea freezes interest rate at record low for 10 months

South Korea's central bank on Tuesday froze its benchmark interest rate at a record low for 10 straight months.

Bank of Korea (BOK) Governor Lee Ju-yeol and six other policy board members decided to keep the benchmark seven-day repurchase rate at an all-time low of 1.5 percent.

Among the seven policymakers, four seats will be replaced by new board members who will join the rate-setting meeting from next month.

The April decision was in line with market expectations. According to a Korea Financial Investment Association survey of 200 fixed-income experts, more than 80 percent predicted a rate freeze.

Some experts predicted a rate cut in April due to pessimistic economic indicators.

South Korea's exports, which account for about half of the export-driven economy, tumbled 18.9 percent in January on a yearly basis, followed by drops of 12.2 percent in February and 8.2 percent in March each.

For the first 10 days of April, the country's overseas shipments plunged 24.7 percent compared with the same period last year, according to customs data.

Record-breaking household debts discouraged consumers from spending money. Worsening labor market conditions also weakened private consumption.

Jobless rate for those under 30 reached 11.8 percent in March, higher than any March figures. In February, the youth unemployment rate hit a record high of 12.5 percent. Enditem