(MENAFN- Qatar News Agency) Oul june 12 (qna) - the bank of korea (bok) froze its key rate for the 13th month at 2.5%.
the monetary policy committee on thursday decided that although the economy is on a gradual recovery conditions are not ready for a cut in interest rates according to korea's (kbs world) website.
the committee based the decision on weak consumption and facilities investment along with the strength in the won and a reduction in quantitative easing by the united states.
analysts say the central bank may keep interest rates steady for more than 16 months which is the previous record held by the bok in maintaining its rates between march 2009 and june 2010.
the central bank lowered interest rates by a quarter of a percentage point in july and october 2012 to 2.75%. the rate has stayed at 2.5% following a third cut in may last year after a supplementary budget was allocated. (qna)
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