Bank Of Baku

BOK freezes key interest rate at 3 pct

BOK freezes key interest rate at 3 pct
# 13 May 2011 04:13 (UTC +04:00)
Baku-APA. South Korea’s central bank said Friday it froze the benchmark interest rate at 3 percent for the second straight month despite the lingering inflationary pressures, APA reports quoting Xinhua.

The Bank of Korea (BOK)’s decision came as a surprise because only 2 out of 11 analysts at home and abroad predicted a rate freeze in a poll and reports compiled by Xinhua.

The BOK lifted the borrowing costs by 25 basis points to 3 percent in March, after raising the rate in July and November last year and in January this year by 25 basis points respectively from a record-low 2 percent.
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