BoK holds policy steady as growth accelerates

Expansion mode: Pedestrians are seen near the BoK headquarters in Seoul. The central bank has raised its growth forecast for this year to 2.5% from a previous projection in February of 2.1%. — AFP

SEOUL: The Bank of Korea (BoK) held its monetary settings steady yesterday, keeping policy tight as the economy hums along at a more robust pace than expected on the back of rising exports and resilient consumption.

South Korea’s central bank kept its seven-day repurchase rate at 3.5%, a level it has characterised as restrictive, matching the prediction of all 21 economists surveyed by Bloomberg.