Earlier in the session the Bank of Korea held its base rate unchanged at 3.5%, as expected
- maintained its 2024 and 2025 GDP growth forecasts at 2.1% and 2.3%
- forecasts 2024 CPI at 2.6% and 2025 CPI at 2.1%
Governor Rhee comments:
- Thursday's rate decision was unanimous
- Five board members said current interest rate should be maintained at least for next three months
- One board member said door for a rate cut should be opened for the next three months
- Private consumption worse than earlier expectations, offset by improving exports.
