BoK holds rate at 3.50% in March, warns of weak economic growth

Following are the key highlights from the Bank of  Korea’s (BoK) monetary policy statement, as reported by Reuters. The South Korean central bank left its key interest rate unchanged at 3.50% for the second straight meeting in March.

Key takeaways

Weak economic growth to continue.

Economic growth seen slower than expected previously.

Inflation to slow to 3% range after Q2.

Inflation to be in line with previous expectations.

Monetary policy will continue to focus on dealing with inflation.

Tightening stance will remain in place for considerable period.

To extend eased rules for repo operations by three months.