Bank of Korea Keeps Interest Rates Steady Amid Housing Market Concerns

Central bank signals potential for rate cuts in October as it balances inflation, growth, and financial stability.

The Bank of Korea has maintained its benchmark interest rate at 3.5% for the 13th consecutive meeting.
Authorities aim to control rising home prices and household debt, delaying immediate rate cuts.
Economic forecasts were adjusted, with growth expected at 2.4% and inflation at 2.5% for 2024.
Analysts anticipate a possible rate cut in October, contingent on housing market stabilization measures.
The South Korean won remains weak, adding complexity to the central bank's rate decision.