BENGALURU : The Bank of Korea will keep its key policy rate unchanged at 3.50 per cent on Thursday and for the rest of the year as inflation continued to ease, a Reuters poll of economists predicted, but rate cut forecasts were pushed back by a quarter to early 2024.
That is good news for the BOK, one of the first to start raising rates in August 2021, which had paused tightening in February as its total 300 basis-point hikes weighed on an economy with some of the most heavily indebted households globally. "With monetary policy settings already in restrictive territory, inflation easing and the KRW stabilising, there is little impetus for the central bank to hike rates further," said Irene Cheung, senior Asia strategist at ANZ.
Median forecasts showed interest rates would remain on hold until the end of this year, followed by a 25 basis-point cut in the first quarter of 2024.The BOK's stance was likely to put pressure on the won, already down about 3 per cent against the dollar this year.
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