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The Bank of Korea (BOK) in Seoul on December 28, 2024.
Kim Jae-Hwan | Light rocket | fake images
South Korea’s central bank on Thursday kept its benchmark rate at 3% in a surprise move, having made two consecutive cuts in its previous meetings amid a slowing economy.
Economists polled by Reuters had estimated a cut of 25 basis points.
South Korea Kospi rose 1.25% following the decision, while the Kosdaq small-cap index rose 1.69%. The South Korean won strengthened around 0.3% to trade at 1,450.27.
The BOK’s move comes amid political turmoil in the country, following the arrest of impeached President Yoon Suk Yeol on Wednesday, a first for a sitting South Korean president.
This is breaking news. Please check back for updates.
