South Korea June import price growth slows on global oil price drop

Reuters

Reuters

South Korea's central bank on Thursday froze its benchmark interest rate at a record low, refraining from altering the rate for 13 months in a row.

The BOK, meanwhile, kept its benchmark interest rate at 1.25 percent, where it has been frozen since June past year.

The BOK's gross domestic product (GDP) growth estimate for 2017 is 0.2 percentage point higher than the central bank's estimate released in April. The dollar-denominated deposits owned by individuals totaled US$9.99 billion (11.34 trillion won), down US$520 million (590.36 billion won) from the previous month.

The government submitted the extra budget to the National Assembly in June, though parliament has yet to review the bill due to a political standoff.

Last week, leaders of South Korea and China failed to resolve the dispute over the deployment of an advanced USA missile defense system in South Korea. The BOK said, "As the won-dollar exchange rate slightly has increased, importers and exporters have started the spot foreign exchange sale".

Raonic no match for in-form Federer in Wimbledon quarter-final loss
Cilic and Querrey, both 6-foot-6, used their powerful serves to dominate most of the match. Cilic struck 25 aces against the American and in truth, could have won in three sets.

All 20 economists surveyed in a Reuters poll had forecast the central bank would stand pat, noting that weak private consumption and tepid job growth are taking some of the shine off steady gains in exports.

The central bank said a better-than-expected performance in exports will improve the overall economy this year, but in the long term growth will remain slow.

He said inflation will fluctuate around 2 per cent for some time.

"However, the domestic economy is expected to stay on a solid growth path", he said.

The latest move came hours after Federal Reserve Chair Janet Yellen suggested that an additional rate hike could be made within this year. It also hinted that it will not raise the rate anytime soon.

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