Bank of Korea expectedly keeps rates steady at an almost three-year low
This photo, taken on November 24, 2022, shows the building of Bank of Korea Bok in Seoul, South Korea. On Thursday, South Korea’s Central Bank increased its policy rate to reduce inflation and provided six consecutive increases for the first time. (Photo: Wang Yiliang/Xinhua through Getty Images)
Wang Yiliang | Xinhua News Agency | Getty Images
South Korea Central Bank kept its policy rate by 2.5%and remained constant at the lowest level of almost three years.
The South Korean economy began a contract in a quarter of a quarter in the first three months of this year due to the softening of weak construction activities and export growth in a quarter of a quarter and remained flat one year a year.
Goldman Sachs said in a note last week that the promotion of new mortgage loan restrictions would “open the door” for a ratio cut in August.
According to Goldman, housing prices in Seoul increased by more than 19% annually in June. Step with precautions To address the rapidly expanding household loans.
The company said that the latest housing market developments increased Bok’s concerns about financial stability and that the growth of household loans increased to 6 trillion Won (4.27 billion dollars) in May and it was estimated to earn 7 trillion in June.
South Korea Kospi While increased by 0.74 %, the winning was marginalized to trade at 1,372.48 against the dollar.
If the country cannot reach a trade agreement with Washington, US President Donald Trump may face more economic wind, as it threatens to apply 25% tariff to all South Korean imports from August 1st.
