South Korea freezes interest rates

  • South Korea's central bank froze its policy rate at a record low level on Thursday.

    The bank will hold onto this wait-and-watch position for two months amid the expected rate hike in the US and the lingering effect from the outbreak of Middle East Respiratory Syndrome (MERS).

    The Bank of Korea (BOK) governor, Lee Ju-yeol and six policy board members decided to keep the benchmark seven-day repurchase rate on hold at an all-time low of 1.5 percent. (Source: IANS)