{"id":2200690,"date":"2023-04-12T08:00:41","date_gmt":"2023-04-11T23:00:41","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200690"},"modified":"2023-04-14T10:30:52","modified_gmt":"2023-04-14T01:30:52","slug":"bok-holds-key-interest-rate-steady-for-2nd-straight-time-as-recession-woes-rise","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/04\/bok-holds-key-interest-rate-steady-for-2nd-straight-time-as-recession-woes-rise\/","title":{"rendered":"BOK holds key interest rate steady for 2nd straight time as recession woes rise"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Bank of Korea (BOK) held its key interest rate steady at <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230411002852320?section=economy-finance\/economy\"><span style=\"font-weight: 400;\">3.5%<\/span><\/a><span style=\"font-weight: 400;\"> for the second consecutive time on Tuesday as inflation appears to be easing and concerns are rising over an economic slowdown. The BOK has held its key interest rate at 3.5% since February after hiking it seven consecutive times since April last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the BOK expects inflation to remain above its target level, it also projects inflation to slow in the coming months. South Korea\u2019s consumer price index rose 4.2% in March from a year earlier.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The business community will most likely welcome the BOK\u2019s decision to keep its key interest rate steady. South Korea\u2019s economy continues to remain sluggish due to <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230407002600320\"><span style=\"font-weight: 400;\">weak exports<\/span><\/a><span style=\"font-weight: 400;\">, and major conglomerates have recorded <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230407001352320\"><span style=\"font-weight: 400;\">significant drops in profits<\/span><\/a><span style=\"font-weight: 400;\">. As worries about a global recession rise, observers fear that South Korea\u2019s exporters might continue to experience weak numbers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the BOK\u2019s decision to keep its key interest rate unchanged means an interest-rate gap between South Korea and the U.S. The U.S. Federal Reserve announced a 25 basis-point interest rate hike at the end of last month, raising it to 5%. Although the gap has fueled concerns that South Korea might experience capital outflow, the Fed\u2019s modest rate hike likely reduced pressure on the BOK to raise its base rate.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>The Bank of Korea (BOK) held its key interest rate steady at 3.5% for the second consecutive time on Tuesday as inflation appears to be easing and concerns are rising over an economic slowdown. The BOK has held its key interest rate at 3.5% since February after hiking it seven consecutive times since April last [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2200691,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24],"class_list":["post-2200690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BOK holds key interest rate steady for 2nd straight time as recession woes rise - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/04\/bok-holds-key-interest-rate-steady-for-2nd-straight-time-as-recession-woes-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BOK holds key interest rate steady for 2nd straight time as recession woes rise - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"The Bank of Korea (BOK) held its key interest rate steady at 3.5% for the second consecutive time on Tuesday as inflation appears to be easing and concerns are rising over an economic slowdown. 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