BOK Freezes Inetrest Rate at 0.5%

The Bank of Korea on Wednesday kept the benchmark interest rate unchanged at a record-low 0.5 percent.

The central bank is sticking with the low rate to offset the grave economic impact of the coronavirus epidemic.

It said the pace of the global economic recovery has slowed because of a resurgence of the virus in many countries.

The BOK cut the rate in March to 0.75 percent and in May to half a percent.