Interest Rate Frozen for Another Month

  • By Kim Shin-young

    April 16, 2021 10:15

    Bank of Korea Governor Lee Ju-yeol speaks in a press conference in Seoul on Thursday. /Newsis

    The Bank of Korea on Thursday decided to maintain the country's benchmark interest rate at 0.5 percent for another month, marking almost a year of record-low interest rates.

    The base rate was slashed from 0.75 percent last May.

    BOK Governor Lee Ju-yeol told reporters, "The global economy is recovering as a result of pump-priming policies in major countries and coronavirus vaccination. The Korean economy is also expected to recover based on exports and investment, but uncertainty remains how fast it will recover."

    He added the Korean economy will probably grow more than the three percent forecast in February.

    But he sounded a cautious note when asked if the slow pace of Korea's vaccination drive could drag down the economy. "It's worrisome that the pandemic hasn't abated and a mere two percent of the population have been vaccinated," he said. "We made the forecast on the assumption that the pandemic won't worsen further and the government is making multifaceted efforts to vaccinate more people."

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