Bank of Korea Holds Rate Following Surprise Cut in July

The Bank of Korea kept borrowing costs at a 14-month low after a surprise cut in July as policy makers await more data to gauge the fallout from Europe’s sovereign debt crisis.

Governor Kim Choong Soo and his board left the benchmark seven-day repurchase rate unchanged at 3 percent. The decision was unanimous, Kim told reporters, and was predicted by 10 of 16 economists surveyed by Bloomberg News, while the rest forecast a 25 basis point reduction.