SKorea keeps interest rate at record low 1.5%

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SEOUL: South Korea’s central bank on Thursday kept its key interest rate unchanged at record lows, refusing to cut further as it looks to nurture growth in the anaemic economy while also preventing a flight of capital from the country. While the decision to keep borrowing costs at 1.5 percent for a ninth-straight month were expected, the BOK has faced growing calls for another reduction with exports tumbling as economic woes in key market China show no sign of abating. South Korea’s exports have fallen for 14 consecutive months since the start of last year, plunging 12.2 percent on-year in February alone.

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