BOK freezes key rate again amid deepening economic slowdown
The Bank of Korea (BOK) kept its key interest rate unchanged for the second straight time, Tuesday, in a widely expected decision to tip the balance of its monetary policy toward tackling an economic slowdown instead of fighting inflation. The move, which maintained the base rate at 3.5 percent, came after the central bank froze the rate in its previous monetary policy board meeting in February by halting a monetary tightening campaign that was in place since August 2021.