In a widely expected decision, the Bank of Korea (BOK) Monetary Policy Board kept the benchmark seven-day repo rate unchanged at 3.5%.
This is the third time in a row that the BoK has stuck to its stance after freezing interest rates twice, the first in February and the second in April. The interest rate freeze came after the Bank of Korea raised borrowing costs seven times in a row since April last year.
The successive interest rate freezes have raised expectations that the Bank of Korea may halt its aggressive pace of rate hikes amid signs of subdued inflation, growing concerns about an economic slowdown and lingering concerns about global banking turmoil.
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