Bank of Korea keeps rate steady at 3.50% in October

Following its October monetary policy meeting on Thursday, the Bank of Korea (BoK) kept the key base rate unchanged at 3.50%, extending its pause into a sixth meeting in a row.

Summary of the statement

Will maintain restrictive policy stance for considerable time.

To monitor inflation slowdown.

To monitor financial stability risks.

South korea economy to grow as projected earlier.

To monitor economic downside risks.

To monitor monetary policy changes in major countries.

Uncertainties to growth path high.

To monitor household debt growth.

See upside risks to inflation.

Middle east crisis adds to uncertainties for South Korea.

To monitor developments in geopolitical risks.

Might take longer to reach target inflation level