S Korean central bank keeps interest rate at 2%

11:29, May 12, 2010      

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South Korea's central bank, the Bank of Korea, Wednesday keeps key interest rate at record low 2 percent for a 15th straight month.

The Bank of Korea (BOK), at its monthly monetary policy meeting, decided to leave the benchmark seven-day repo rate at a record low of 2 percent for the intermeeting period, as widely expected by local analysts and experts.

"The South Korean economy is likely to keep up its positive recovery pace thanks to robust export and consumption," the central bank said in a statement.

"However, there is also uncertainty over growth due to the debt crisis in southern Europe and China's liquidity tightening measures," the bank added.

The BOK slashed the rate by a total of 3.25 percentage points between October 2008 and February in a bid to pull the sluggish economy out of the global economic downturn.



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