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Bank of Korea keeps base rate steady at 1.25% for July

Collected: 2016.07.14

Distributed: 2016.07.15

Source: Go Direct

The Bank of Korea (BOK) on Thursday kept the key interest rate steady at a record low of 1.25 percent for July. Last month the central bank delivered the first cut in a year to bring down the base rate to a new record low of 1.25 percent from 1.5 percent.

The BOK said in the statement following the monetary policy meeting it perceived fragile recovery in domestic demand, but the outlook remained uncertain due to volatile conditions in overseas and at home.

It said it would have to watch the developments in the second-half economy following dual monetary and fiscal expansion programs. After the cut in interest rates, the government proposed to create 10 trillion won ($8.8 billion) in supplementary budget.

At 02:20 p.m., the Korean composite stock price index added 1.21 points to 2,006.

By Lee Sang-duk

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