South Korea Maintains Steady Rates
The Bank of Korea kept the key interest rate at 3% while maintaining a cautious tightening monetary policy. It also raised its growth and inflation forecasts and expects to continue raising interest rates next November. The bank indicated that the pause in rate hikes is to assess external risks and the delayed effects of previous increases, with projections that both overall and core inflation for the coming year will exceed previous estimates. Additionally, South Korean exports are experiencing strong growth, with the value of shipments exceeding $800 billion in the first nine months of the year for the first time. It is also expected that the interest rate will be raised to 3.25% in November to address high inflation and support economic growth.
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