Bank of Korea keeps benchmark rate at 3.50%

Bank of Korea kept interest rates steady for the second time in a row on Tuesday, meeting previous expectations, amidst soaring inflation, sluggish economy and current financial uncertainty.

The South Korean central bank’s seven member monetary policy board voted to keep the benchmark rate at 3.50 percent, the same as February’s rate, the central bank said.

This is the Bank of Korea’s first time keeping interest rates unchanged at consecutive meetings since it adopted a tightening campaign in 2021.