The Bank of Korea kept the benchmark interest rate unchanged. After two consecutive interest rate hikes, which was rare before, it was temporarily suspended in order to assess the impact of the policy. On Thursday, the Bank of Korea kept the seven-day repurchase rate unchanged at 3%. This result is in line with the predictions of all 22 economists interviewed in the media survey. Previously, the Bank of Korea raised interest rates by 25 basis points in July and August, respectively. This is the first time in more than three years that the central bank has raised interest rates continuously. Policymakers chose to stay on hold to watch households and businesses react to previous interest rate hikes. Central Bank Governor Shin Hyun-song previously hinted that interest rates would be raised gradually after the August action, but the bank promised to maintain a restrictive policy until it was confident that inflation would reach the 2% target. The market is currently watching the press conference to be held by the central bank governor at 11:10 Seoul time to find clues as to whether the central bank will resume austerity policies in November. He will explain the central bank's considerations for making the latest policy decisions and explain expectations for future policy trends.

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