SEOUL, Oct 14 (Reuters) - South Korea’s central bank kept its policy rate steady on Wednesday as it sought to keep a lid on red-hot property prices even as the coronavirus-hit economy continues to suffer.
The Bank of Korea’s seven-member board held the base rate steady at an all-time low of 0.5%, as expected by all 34 economists in a Reuters poll.
The central bank has already cut rates by 75 basis points so far this year, fuelling demand for property and driving prices higher. The BOK has also said it needs to review the downside of taking the base rate lower as there could be adverse effects.
Governor Lee Ju-yeol’s news conference will be broadcast live on YouTube starting at 0220 GMT. (Reporting by Cynthia Kim; Editing by Ana Nicolaci da Costa and Tom Hogue)
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