BoK says rate decision was unanimous and median projections show base rate is seen at 2.5% in six months

Says:

• Will make policy decisions supporting a recovery in economic growth.
• Growth momentum is to remain favourable.
• Strong chip exports supporting growth
• Housing prices around Seoul have slowed.
• To closely monitor changes in domestic and external policy conditions and the impact on inflation and financial stability.
• Necessary to remain cautious about risks related to housing prices, household debt and FX volatility.

Projections

• 16 of 21 policy rate forecasts by board members see the policy rate at 2.50% over the next six months
• 1 of 21 policy rate forecasts by board members see the policy rate at 2.75% over the next six months
• 4 of 21 policy rate forecasts by board members see the policy rate at 2.25% over the next six months