Bank of Korea Governor Rhee sees potential for rate cuts

Earlier in the session the Bank of Korea held its base rate unchanged at 3.5%, as expected

  • maintained its 2024 and 2025 GDP growth forecasts at 2.1% and 2.3%
  • forecasts 2024 CPI at 2.6% and 2025 CPI at 2.1%

Governor Rhee comments:

  • Thursday’s rate decision was unanimous
  • Five board members
    said current interest rate should be maintained at least for next
    three months
  • One board member
    said door for a rate cut should be opened for the next three months
  • Private consumption worse than earlier expectations, offset by improving exports.

Bank of Korea base rate 22 February 2024 2

This article was written by Eamonn Sheridan at Source