Tip:
Highlight text to annotate it
X
The Bank of Korea has left its key interest rate UNCHANGED at two-and-a-half percent for
the eighth straight month in January. Announcing its decision Thursday, the central
bank said it expected the economy at home and abroad to stay on a path of moderate recovery.
The bank did however take note of a rapid strengthening of the Korean won against the
Japanese currency and lingering uncertainty stemming from the U.S. Federal Reserve's decision
to start scaling back its bond-buying program. The weak yen, which lost a fifth of its value
against the won last year, is a major concern among policymakers... as it erodes the price
competitiveness of Korean exporters against their Japanese rivals.
The central bank also says it expects the Korean economy to grow 3-point-8 percent this
year and four percent next year