Bank of Korea extends interest rate freeze

SEOUL: Korea's central bank froze its key rate for the 13th straight session Thursday due to soaring home prices but may start a policy pivot this year amid moderating inflation and a slower-than-expected economic outlook, Yonhap News Agency reported. The monetary policy board of the Bank of Korea (BOK) kept its policy rate unchanged at 3.5 percent. The BOK has continued to stand pat following rate freezes since February last year after delivering seven consecutive rate hikes from April 2022 to January 2023. The rate freeze came as household debt ran high in the face of a series of lending rate hikes, tighter lending rules, and inflationary pressure in Asia's fourth-largest economy, which was showing signs of easing. Source: Emirates News Agency