BOK Freezes Interest Rate Amid Fresh Uncertainties


    February 24, 2022 12:55

    The Bank of Korea on Thursday froze the key interest rate at 1.25 percent. Last month's quarter-percentage point hike marked the third of its kind since last August.

    The central bank decided to freeze the rate to gauge the impact of the last three hikes a little more, but there are also concerns that another hike would bring more financial instability as escalating tensions in Ukraine are affecting global economies.

    Bank of Korea Governor Lee Ju-yeol bangs the gavel in a monetary meeting in Seoul on Thursday. /Yonhap

    The U.S. still maintains its base rate at zero, but there are forecasts that the Federal Reserve will raise it next month over inflation concerns.

    The BOK is expected to respond with further rate hikes at some point this year.

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