Bank of Korea

October 15, 2015

South Korean monetary officials, as after monthly policy meetings in July, August and September, kept the seven-day repo rate at 1.5%.  It’s already at a record low after 25-basis point reductions in June and April of this year as well as April and October of 2014.  A statement on the bank’s website projects a softer-than-desired rate of recovery, observing that “the trend of declining exports has persisted while the improvement in economic agents’ sentiments has been inadequate.”  Cheap oil and low agricultural prices are blamed for inflation of only 0.6% as of September, and projected inflation for 2015 as a whole has been cut to 0.7%.  Considerable uncertainty continues to be attached to the future international environment.

Copyright 2015, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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