BoK keeps base rate steady at 2.5%

SEOUL: South Korea’s central bank held interest rates steady and modestly scaled back its expectations for growth and inflation, a sign that rates will stay steady, but disappointed investors who had hoped its next move would be to cut borrowing costs.

As expected, the Bank of Korea (BoK) left its policy interest rate unchanged at 2.5% for the 14th straight month and trimmed its economic forecasts to reflect recent softness, but its governor maintained the view that Asia’s fourth largest economy was still on a recovery track. — Reuters