Bank of Korea Lowers Growth Outlook as Lee Holds Key Rate
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The Bank of Korea cut its growth outlook for this year and said inflation was picking up more slowly than expected, after leaving interest rates unchanged.
Governor Lee Ju Yeol said today the central bank lowered its growth forecast for 2014 to 3.8 percent from 4 percent. The BOK held the seven-day repurchase rate at 2.5 percent for a 14th straight month, it said in a statement in Seoul, as predicted by all 16 economists in a Bloomberg News survey. One of the seven board members opposed the decision, Lee said.