South Korea major bank keeps interest rate on hold

South Korea major bank keeps interest rate on hold

On Thursday, South Korea's major bank kept interest rates intact, taking rather a bullish view of economic surge prospects because a new administration considers multi-billion-dollar fiscal stimulus measures.

The country’s major financial institution held its base rate intact at 1.25%, exactly as predicted by all 19 financial experts polled by Reuters.

Governor Lee Ju-yeol told that the bank was about to revise up its surge outlook in the nearer months from the current 2.6%, which is a stronger surge trajectory, compared to what had proposed in April.

Market analysts state that considering sturdy exports, economic revival as well as the government's employment-oriented policy stance, in the second half wage surge is supposed to accelerate.

The major bank’s base rate has been intact at a record minimum 1.25% since a 25 basis point drop in June 2016. In April, the bank increased its surge outlook for this year from 2.5% to 2.6%.

 

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