South Korean Central Bank keeps rate at 3.5 percent

The Bank of Korea on Thursday kept the seven-day repo rate at 3.5 percen per annum, Azernews reports, citing foreign media outlets.

Thus, the Central Bank does not change the key interest rate following the results of the eighth meeting in a row.

"The main trend towards slowing inflation remains, but it remains at a high level, and uncertainty about its prospects also seems high," the Central Bank noted.

"In this regard, the Monetary Policy Council (BCP) of the [Bank of Korea] considers it appropriate to assess the internal and external conjuncture of the BCP and maintain its current restrictive course."

The decision coincided with the forecasts of most analysts, according to Trading Economics.

The Bank of Korea maintained its estimate of the country's GDP growth this year at 2.1 percent, total inflation at 3.6 percent, and core inflation at 2.3 percent.