Bank of Korea board split on when to cut interest rates, minutes show

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Bank of Korea board split on when to cut interest rates, minutes show - Channel News Asia

Quick Summary:

SEOUL : South Korea's monetary policy board was divided over when to cut interest rates with a majority of the seven-member board concerned about lower borrowing costs leading to price increases in the housing market, July meeting minutes showed on Tuesday.

FILE PHOTO: The logo of the Bank of Korea is seen in Seoul, South Korea, November 30, 2017.

The Bank of Korea on July 11 said that it was time to prepare for a pivot to interest rate cuts after leaving the benchmark interest rate steady at a 15-year high of 3.50 per cent for the 12th straight meeting as expected.