Bank of Korea to hold base rate on Oct. 19, rate cut call pushed to Q2 2024

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Bruce Cockburn: 50 years of music, spirituality and social justice | SaltWireBENGALURU - The Bank of Korea will keep its key policy rate unchanged for a sixth consecutive meeting on Oct. 19 but maintain a hawkish bias on resurging inflation, according to a Reuters poll, which also forecast the first cut would come later than expected.

The South Korean economy, with one of the world's highest household debt-to-GDP ratios, is taking a hit from a cumulative 300 basis points of rate hikes. "So, considering those two camps, it's likely to be a hawkish hold for some time. I don't think the BOK is currently concerned about KRW. As exports have started to pick up, I expect KRW to stabilize further."

While half of economists, 16 of 32, expected rates to have fallen 25 basis points to 3.25% by end-Q2 2024 another seven saw a decline to 3.00%. Nine forecast them unchanged.

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