Bank of Korea keeps interest rates unchanged at 3% | Real Time Headlines

The Bank of Korea unexpectedly kept its benchmark policy rate at 3% on Thursday, following two consecutive rate cuts at previous meetings amid a slowing economy.

Economists polled by Reuters expected a 25 basis point rate cut.

Korean Cospi After the announcement of the decision, the Kosdaq Index rose 1.25% and the Kosdaq Small Cap Index rose 1.69%. The South Korean won rose about 0.3% to 1,450.27.

The Bank of Korea’s move comes amid political turmoil in the country, with impeached President Yoon Seok-yeol being arrested on Wednesday, the first time a sitting South Korean president has been arrested.

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