South Korea's central bank decided to maintain its current restrictive policy stance on Thursday.
The Monetary Policy Board of the Bank of Korea headed by Rhee Chang-yong decided to keep the Base Rate unchanged at 3.50 percent.
The central bank has hiked its policy rate by a total 300 basis points since August 2021, taking it to the highest level since 2008.
"It is forecast that inflation will remain above the target level for a considerable time although it has continued to slow," the bank said in the statement. "The Board therefore judged that it is appropriate to maintain its current restrictive policy stance," the BoK added.
The bank downgraded its economic growth outlook to 1.4 percent from the February forecast of 1.6 percent for 2023. At the same time, consumer price inflation for this year is expected to be consistent with the February forecast of 3.5 percent.
