The Bank of Korea (BOK) said its seven-member monetary policy board voted to keep the base rate (KROCRT=ECI) unchanged at 3.50%, as it did in meetings in February, April and May.
"The Board will maintain a restrictive policy stance for a considerable time with an emphasis on ensuring price stability," the BOK said in a statement.
The BOK has kept monetary policy unchanged since its last interest rate hike in January and its tightening campaign, which began in August 2021, is widely expected to be over.
The rate stood at 2.7% in June this year, although it is still higher than the central bank's medium-term target of 2%.
South Korea's import prices fell in annual terms for a fifth month in June and marked the steepest drop in more than eight years, central bank data showed earlier on Thursday.
Persons:
BOK, Governor Rhee Chang, Jihoon Lee, Joyce Lee, Jacqueline Wong
Organizations:
Bank of Korea, Reuters, Thomson
Locations:
SEOUL, China