Friday, May 13, 2011

Bank of Korea Maintains 7-day Repo Rate at 3.00%

The Bank of Korea maintained the 7-day repurchase rate unchanged at 3.00%.  South Korea reported consumer price inflation of 4.2% in April, above the Bank's inflation target of 2%-4% through 2012.  The Bank forecasts inflation of 3.9% and GDP growth of 4.5% during 2011.  The Bank said: "Looking ahead, the Committee, while taking overall account of financial and economic conditions both at home and abroad, will conduct monetary policy with a greater emphasis on ensuring that the basis for price stability is firmly anchored while the economy continues its sound growth."


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