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S. Korea freezes interest rates at 1.25 pct for 4 months

Xinhua, October 13, 2016 Adjust font size:

South Korea's central bank on Thursday froze its benchmark interest rate at a record low of 1.25 percent for four straight months.

Bank of Korea (BOK) Governor Lee Ju-yeol and six other policy board members decided to keep the seven-day repurchase rate on hold at an all-time low of 1.25 percent.

The BOK cut the policy rate by 25 basis points to the current level in June. The bank began to steeply lower borrowing costs from 3.25 percent in July 2012, triggering a fast increase in household debts.

The massive household debts led central bankers to refrain from cutting the policy rate further amid chronic export slump and the ongoing restructuring in shipbuilding and shipping industries. Enditem