All BOK policymakers vote for June rate freeze: minutes

SEOUL, July 28 (Yonhap) -- Policymakers at South Korea's central bank unanimously
voted to hold its benchmark interest rate unchanged at 2 percent in June to head
off potential economic risks, according to the bank's June minutes released on
Tuesday.

Bank of Korea (BOK) Gov. Lee Seong-tae and six fellow policymakers made the
decision in a monthly meeting on June 11, citing lingering downward risks on the
economy, the minutes showed.
The BOK's monetary committee left the rate for a fourth consecutive month last
month after paring a total of 3.25 percentage points between October and
February. The central bank again held the rate unchanged in July, saying the
prospects for an economic recovery remained uncertain.
The South Korean economy expanded 2.3 percent in the second quarter from three
months earlier, the fastest quarterly growth in more than five years, bolstered
by government stimulus measures and rebonding exports.
The BOK predicted that the local economy will shrink 1.6 percent this year,
revising upward from an earlier forecast of a 2.4 percent contraction.
pbr@yna.co.kr
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