By Kwanwoo JunSouth Korea's central bank stood pat on interest rates for a sixth consecutive time, as widely expected, as the economy shows signs of cooling while uncertainty in the Middle East grows. The Bank of Korea kept its benchmark seven-day repurchase rate unchanged at 3.50% on Thursday, unfazed by a recent pickup in inflation which had been cooling for months. South Korea's economy has been cooling despite some recent signs of a recovery, with exports shrinking on a year-on-year basis for a 12th consecutive month in September. The central bank expects the country's 2023 gross domestic product to grow 1.4% after expanding 2.6% in 2022. The bank expects inflation to average 3.5% this year, above its annual 2.0% target but easing sharply from 5.1% last year.

Source: Wall Street Journal October 19, 2023 07:30 UTC