SEOUL: The Bank of Korea left its benchmark interest rate unchanged on Thursday (Oct 22), pausing after back-to-back quarter-point hikes in July and August, although strong chip-driven growth and above-target inflation keep the option of further tightening open. The seven-member monetary policy board at the BOK voted to keep the seven-day repurchase rate at 3 per cent, a decision that was forecast by all 34 analysts surveyed by Reuters. The July and August increases were the central bank's first consecutive hikes in more than three years, after which Governor Shin Hyun Song said a gradual pace of tightening was preferred.
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