The Bank of Korea (BOK) in Seoul on December 28, 2024.
Kim Jae-Hwan | Lightrocket | Getty Images
South Korea’s central bank kept its benchmark interest rate at 3% on Thursday in a surprise move, after making two consecutive cuts at its previous meetings amid a slowing economy.
Economists polled by Reuters had estimated a cut of 25 basis points.
South Korea Kospi rose 1.25% after the decision, while the Kosdaq small-cap index rose 1.69%. The South Korean won gained about 0.3% to 1,450.27.
The BOK’s move comes amid political turmoil in the country, with impeached president Yoon Suk Yeol arrested on Wednesday, a first for a sitting South Korean president.
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