SEOUL, South Korea (AP) — South Korea’s central bank on Friday cut its policy rate for the first time in more than four years as pressure to revive a...
SEOUL, South Korea — South Korea ’s central bank on Friday cut its policy rate for the first time in more than four years as pressure to revive a sluggish economy outweighed concerns about the country’s level of household debt .
The bank raised the rate by a quarter percentage point in August 2021 over concerns about inflation and soaring household debt, driven in part by skyrocketing house prices, and then froze rates for over three years. South Korea’s trade-dependent economy is facing increasing uncertainties, including the growing crisis in the Middle East that could potentially influence fuel prices, exchange rates and public utility prices, the bank said.
“The growth in house prices in the metropolitan area and household debt is expected to gradually slow down due to the strengthening of macroprudential policies,” aimed at maintaining the stability of the financial system, the bank said.
Sluggish Economy Monetary Policy Committee Household Debt Central Bank Bank Of Korea
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