South Korea's central bank retained its key interest rate for the seventh straight meeting and raised its inflation projections citing higher cost pressures.
The Monetary Policy Board of the Bank of Korea, governed by Rhee Chang-yong, decided to retain the key base rate at 3.50 percent.
As inflation is projected to be higher than previously forecast and economic growth continues to improve, policymakers decided to maintain a restrictive policy stance for a sufficiently long period of time.
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