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Original headline: Global Market : Bank of Korea holds interest rates at 3 % after back - to - back hikes
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- Bank Of Korea Keeps Rate On Hold
- Bank of Korea holds rates ; upbeat outlook points to future hikes
The Bank of Korea kept its seven-day repurchase rate at 3% on Thursday (Oct 22), in line with the forecasts of all 34 analysts surveyed by Reuters. It raised its growth outlook, now expecting growth considerably higher than August’s forecasts of 3.3% and 2.9% for this year and next, and said further tightening remains on the table, with the timing and pace of future increases still to be decided. Governor Shin Hyun-song said the bank does not need to strictly follow market expectations, and analyst consensus sees a peak rate of 3.50%, with hikes possibly in November and Q1 2027. Headline inflation slowed to 2.9% in September from 3.1% in August, still above the 2% target, while exports from January to September topped US$800 billion for the first time.
- BOK pauses rate hikes , but signals more may come
The Bank of Korea held its key rate at 3% on Thursday, pausing after two 25-basis-point hikes in July and August but leaving the door open to further tightening as growth and inflation run stronger than expected. Governor Shin Hyun-song said chip exports and investment should lift growth above the August forecasts of 3.3% this year and 2.9% next year, with exports reaching about $1 trillion and the current account surplus possibly exceeding $450 billion. September consumer inflation eased to 2.9% from 3.1% but remains well above the 2% target, and producer prices rose 7.7%, with oil prices and the prolonged Middle East conflict adding pressure. The won has recovered from its sharp depreciation earlier this year but remains weak by historical standards, and Shin stressed exchange rate stability, especially for lower-income households.
- Roundup : S . Korea freezes key rate at 3 . 00 pct to evaluate impact of back - to - back rate hikes
The Bank of Korea held its seven-day repurchase rate at 3.00%, a unanimous decision in line with market expectations, with Governor Shin Hyun-song saying the tightening cycle still needs to be extended. Of 100 fixed-income experts surveyed by the Korea Financial Investment Association, 93% predicted a hold. CPI inflation eased to 2.9% in September from 3.1% in August, but has stayed above the 2% target for 13 straight months, while petroleum product prices jumped 14.8%. Household debt at deposit-taking banks totaled 1,198.9 trillion won (906.1 billion U.S. dollars), up 0.6 trillion won from a month earlier, a sharp slowdown from the 3.5 trillion won increase the previous month. Exports surged 83.5% in September from a year earlier, and GDP grew 1.8% in the first quarter and 0.6% in the second.
- Seoul holds key rate steady at 3 pc after 2 consecutive rate hikes
The Bank of Korea (BOK) kept its benchmark rate unchanged at 3%, after two consecutive hikes in July and August to curb inflation. The Monetary Policy Board said it needed to assess the effects of those hikes and risks at home and abroad, including Middle East tensions and monetary and fiscal policies in major economies. CPI inflation was 2.9% in September and is expected to stay at a similar level in October due to higher oil prices. Second-quarter GDP grew 0.6%, the BOK raised its 2026 growth forecast to 3.3%, and the current account surplus reached US$279.2 billion in the first eight months of the year. Governor Shin Hyun-song said tightening will continue until inflation is firmly on track toward the 2% target, and markets expect another hike at the next policy meeting.
- Bank of Korea signals more tightening on strong growth after holding rate
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