BOK keeps interest rates at record low
Published: 15 Jul. 2021, 09:47
Updated: 15 Jul. 2021, 09:51
![Bank of Korea's headquarters in central Seoul. The bank's monetary policy committee decided to maintain Korea's benchmark interest rate at 0.5 percent Thursday. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2021/07/15/2f9f92d1-92de-450a-96ce-b580e2afe0f7.jpg)
Bank of Korea's headquarters in central Seoul. The bank's monetary policy committee decided to maintain Korea's benchmark interest rate at 0.5 percent Thursday. [YONHAP]
The rate has been kept at that record low since last May.
In 2020, the monetary policy board of the Bank of Korea (BOK) lowered the base rate twice -- to 0.75 percent in March and 0.5 percent in May -- as the coronavirus pandemic started pulling down the economy.
Last month, BOK Gov. Lee Ju-yeol hinted at a potential rate hike this year if the economy started recovering. That plan is likely to be derailed by a surge in coronavirus cases, the so-called fourth wave of Korea’s pandemic.
BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]
with the Korea JoongAng Daily
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