Based on the search results, here’s a summary of the Bank of Korea’s decision to freeze its benchmark interest rate:
Decision:
The Bank of Korea (BOK) decided to freeze its benchmark interest rate at 3% during its Monetary Policy Committee (MPC) meeting.
This decision halts the previous trend of rate cuts.
Reasons for the Freeze:
Increased uncertainty in the economic outlook.
Volatility in the foreign exchange market.
Concerns about the weakening local currency.
domestic political instability.
factors relating to the U.S. federal reserve policies.
Context:
This follows prior rate cuts by the BOK.
The BOK is also acting to provide liquidity support to small and medium enterprises.
The BOK intends to monitor the economic situation and be ready to adapt its policies.
Rate cuts not cure-all for slow demand, high interest: BOK chief
Image Source: joins.com
In essence, the Bank of Korea is taking a cautious approach, balancing economic growth with the need to maintain financial stability amid global and local uncertainties.
Bank of Korea opens door to rate cuts as growth risks trump
Image Source: arcpublishing.com
Bank of Korea holds key rate steady at
Image Source: heraldcorp.com
BOK extends key rate freeze to year, maintains growth outlook at
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