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South Korea Holds Rates at 3.5% for 11th Consecutive Time.

South Korea Holds Rates at 3.5% for 11th Consecutive Time.


London, 23 May 2024


As was largely anticipated, the Bank of Korea (BoK) kept its base rate at 3.5% during the meeting in May 2024. This was the eleventh meeting in a row with unchanged borrowing prices, highlighting the BoK's continued commitment to stability in the face of a resilient and strong economy that isn't showing any signs of slowing down.





Even if it is falling off gradually, inflation is still higher than the Bank's target of 2%. The economy of the nation expanded 3.4% in Q1 of 2024, which was the fastest growth since Q4 of 2021. As a result, growth projections were revised upward from 2.1% to 2.5%.


In addition, a notable development occurred in April 2024: the annual inflation rate decreased to 2.9%, its lowest level in three months, but staying above the BoK's target threshold.



Stats


The South Korean benchmark interest rate was last observed as 3.50 percent. From 1999 to 2024, South Korea's interest rate averaged 2.90 percent; it peaked at 5.25 percent in October 2000 and fell to a record low of 0.50 percent in May 2020. The current values, historical data, prediction, chart, statistics, economic calendar, and news for the South Korea interest rate are all provided on this page. The most recent update to the South Korea Interest Rate statistics, historical chart, projections, and release timetable was made in May 2024.


Forecast


The South Korean benchmark interest rate was last observed as 3.50 percent. By the conclusion of this quarter, analysts and Trading Economics global macro models predict that South Korea's interest rate will be 3.50 percent. The Trading Economics econometric models predict that the South Korea Interest Rate will trend at 2.25 percent in 2025 over the long run. (Source: Trading Economics)

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