South Korea keeps interest rates steady for third time

The Bank of South Korea (BoK) did not change interest rates in its third consecutive meeting, as markets expected. The Bank of Korea kept its benchmark interest rate at 3.50 percent for the third time in a row on Thursday. Economists had also expected no change in interest rates. The Monetary Policy Committee said, "While inflation is expected to continue to slow, it is expected to remain above the target level for a significant period of time. Therefore, the Committee deems it appropriate to maintain the current restrictive policy stance." The Committee said it will assess changes in domestic and external conditions regarding the need to raise the policy rate further. South Korea will release its consumer price index for May next Friday.