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Bank of Korea keeps interest rate at 2 percent

Bank of Korea keeps interest rate at 2 percent

South Korea's central bank has decided to keep its key interest rate at the current record low amid efforts to restore growth to the country's slumping economy.
The Bank of Korea left the benchmark seven-day repurchase rate at 2 percent at a regular policy meeting Thursday.
South Korea's export-driven economy has been battered by declines in global consumer demand. Exports and industrial output have plunged.
Until Thursday's decision, the central bank had slashed the benchmark rate six times since Oct. 9.
Asia's fourth-largest economy shrank 3.4 percent in the fourth quarter of 2008 as manufacturing and exports crumpled in the face of slumping global demand.


Updated : 2021-02-26 21:36 GMT+08:00