Bank of Korea holds rate at 3% after two hikes, signals continued tightening
Briefing by News4U · First published
The BOK kept its benchmark rate at 3% on Oct. 22 after July and August hikes, citing Middle East tensions and inflation near 3%.
The Bank of Korea held its key rate steady at 3% after consecutive July and August hikes, with all seven board members supporting the pause to assess risks from Middle East conflict and major-economy policies. [1] [2] [3]
Inflation hovered near 3% (2.8% in July, 3.1% in August, 2.9% in September) and is expected to stay similar in October amid rising oil prices. Governor Shin Hyun-song said further tightening is needed until inflation converges to the 2% target, expected in 2028. [1] [2] [3]
Sources
- (2nd LD) BOK holds key rate steady at 3 pct after 2 consecutive rate hikes
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- BOK holds rate at 3%, leaves door open to November hike
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- (3rd LD) BOK holds rate at 3 pct after 2 straight hikes, signals continued tightening
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