S.Korea freezes key interest rate for fourth month

By AFP

July 15, 2010 Updated Jun 14, 2009 at 9:42 PM CDT

South Korea's central bank has frozen its key interest rate at 2 percent for the fourth straight month amid some indications the economic downturn is moderating.

At its monthly policy meeting, the Bank of Korea left the benchmark seven-day repo rate unchanged at a record low.

The bank had made six consecutive rate cuts totalling 3.25 percentage points between October and February to bolster the export-dominated economy.

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