(3rd LD) BOK holds rate at 3 pct after 2 straight hikes, signals continued tightening

This will let Google show Yonhap news articles that match or are related to your search

(ATTN: UPDATES with governor's comments in paras 9, 18-24; RECASTS headline, lead; ADDS new photo) By Kim Boram

SEOUL, Oct. 22 (Yonhap) -- The Bank of Korea (BOK) kept its benchmark interest rate unchanged Thursday after two consecutive rate hikes to give the central bank time to assess economic conditions amid prolonged tensions in the Middle East and robust exports.

In a widely anticipated decision, the BOK's Monetary Policy Board held the key rate steady at 3 percent in its rate-setting meeting.

The rate freeze came after the BOK raised the benchmark rate in its July and August meetings, citing "preemptive action" to curb mounting inflationary pressure and ensure macroeconomic stability.

The earlier decisions marked the first back-to-back rate hikes since January 2023, when the central bank raised the rate at seven consecutive meetings starting in April 2022.

The central bank paused its tightening cycle amid concerns that higher borrowing costs could place greater financial burden on lower-income households.

"Given the growing uncertainties surrounding the Middle East conflict and monetary and fiscal policies in major economies, the board judged that it would be necessary to assess developments in both domestic and external risk factors and the effects of the two prior rate hikes while maintaining the current level of the base rate," the board said in a statement.

It said all seven board members supported the rate freeze.

Bank of Korea (BOK) Gov. Shin Hyun-song speaks during a press conference after the BOK Monetary Policy Board held the benchmark rate unchanged at 3 percent at the central bank's headquarters in Seoul on Oct. 22, 2025, in this photo provided by the BOK. (PHOTO NOT FOR SALE) (Yonhap)

However, the BOK has signaled it will maintain a hawkish stance for the time being amid inflationary pressures from rising oil prices and renewed uncertainty in the Middle East, as well as a stronger-than-expected economic recovery.

"The back-to-back rate hikes give the BOK room to maneuver," Gov. Shin Hyun-song said during a press conference. "However, it is necessary to continue monetary tightening."

Consumer prices have hovered around the 3 percent level in recent months, rising 2.8 percent in July, 3.1 percent in August and 2.9 percent in September.

Inflation is expected to remain at a similar level in October amid rising oil prices linked to escalating military tensions in the Middle East.

Shin has said the central bank will continue tightening monetary policy until inflation is firmly on track to reach its 2 percent target.

Solid economic growth has also supported the BOK's hawkish stance, with Asia's fourth-largest economy expanding 1.8 percent in the first quarter and 0.6 percent in the second quarter.

The country's current account surplus reached US$279.2 billion in the first eight months of the year, more than quadrupling from the same period last year.

The BOK raised its 2026 growth forecast to 3.3 percent from 2.6 percent in August, suggesting the economy could expand by as much as 3.6 percent, supported by robust semiconductor exports amid strong demand for artificial intelligence (AI) infrastructure.

Bank of Korea (BOK) Gov. Shin Hyun-song bangs the gavel during the BOK Monetary Policy Board meeting at the central bank's headquarters in Seoul on Oct. 22, 2026. (Pool photo) (Yonhap)

"Going forward, exports and investment are expected to sustain their high growth, driven by a strong semiconductor sector, while the recovery in consumption is likely to gradually accelerate, supported by improving income conditions," the central bank said.

"The growth rates for this year and next year are expected to be considerably higher than the August forecasts of 3.3 percent and 2.9 percent, respectively."

Shin said the strengthening won had also helped boost consumption in recent months, noting that the currency had appreciated to around 1,320 won per U.S. dollar from around 1,560 won in June.

"When the won strengthens by 10 percent, consumption power of the highest income group rises by 0.4 percent," he said. "But the Korean currency is still undervalued in terms of effective exchange rate."

The effective exchange rate, compiled by the Bank for International Settlements (BIS), measures a currency's value against those of major trading partners and serves as a gauge of international price competitiveness.

Shin also noted that a recent correction in the stock market had weighed on consumption to some extent, but described it as a passing phase.

On the appropriate coordination of monetary and fiscal policies, Shin said investment-focused fiscal spending was compatible with monetary tightening.

"Fiscal spending could increase inflationary pressure through boosting gross demand in the short term, but it could push up growth rate in the longer term," he said. "However, fiscal spending needs to be designed carefully to ensure temporary measures do not become permanent."

Shin also said the central bank expects inflation to approach its 2 percent target in 2028.

Bank of Korea (BOK) Gov. Shin Hyun-song (C) chairs the BOK Monetary Policy Board meeting at the central bank's headquarters in Seoul on Oct. 22, 2026. (Pool photo) (Yonhap)

The BOK said it will decide the timing and pace of further rate hikes, while assessing trends in inflation and the domestic economy, and financial stability.

Market experts expect the BOK to deliver another rate hike at its next policy meeting, scheduled for Nov. 26.

93 pct of bond experts eye rate freeze this week: poll

Analysts forecast BOK to hold benchmark rate unchanged at upcoming meeting: poll

BOK chief stresses need to curb inflation amid AI boom, Mideast crisis

(2nd LD) BOK chief says back-to-back rate hikes bought time to respond to financial risks

(3rd LD) BOK holds rate at 3 pct after 2 straight hikes, signals continued tightening

这将使谷歌能够向您展示与您的搜索匹配或相关的韩联社新闻文章。

（注意：第9、18-24段更新了州长的评论；重写了标题和导语；新增了一张照片）作者：金·博拉姆

首尔，10月22日（韩联社）——韩国央行周四维持基准利率不变，此前该行已连续两次加息，以便让央行有时间评估中东持续紧张局势和强劲出口带来的经济状况。

在备受瞩目的决定中，韩国央行货币政策委员会在利率制定会议上将关键利率维持在 3% 不变。

韩国央行在 7 月和 8 月的会议上提高了基准利率，随后宣布冻结利率，理由是采取“先发制人”措施来遏制不断上升的通胀压力，确保宏观经济稳定。

此前的决定标志着自 2023 年 1 月以来首次连续加息，当时央行从 2022 年 4 月开始连续七次会议加息。

由于担心更高的借贷成本可能会给低收入家庭带来更大的经济负担，央行暂停了紧缩政策。

“鉴于中东冲突以及主要经济体的货币和财政政策日益增加的不确定性，董事会认为有必要评估国内外风险因素的发展以及前两次加息的影响，同时维持当前的基准利率水平，”董事会在一份声明中表示。

声明称，所有七名董事会成员都支持冻结利率。

2025年10月22日，韩国央行行长申铉松在首尔央行总部举行的新闻发布会上发表讲话。此前，韩国央行货币政策委员会宣布维持基准利率在3%不变。（此照片由韩国央行提供。）（图片非卖品）（韩联社）

然而，鉴于油价上涨带来的通胀压力、中东局势的再次不确定性以及强于预期的经济复苏，韩国央行已表示将暂时维持鹰派立场。

韩国央行行长申铉松在新闻发布会上表示：“连续加息给了韩国央行一定的操作空间。但是，继续收紧货币政策是必要的。”

近几个月来，消费者价格一直徘徊在 3% 左右，7 月份上涨 2.8%，8 月份上涨 3.1%，9 月份上涨 2.9%。

受中东军事紧张局势升级导致油价上涨的影响，预计10月份通胀率将维持在类似水平。

申宗宪表示，央行将继续收紧货币政策，直到通胀率稳步达到2%的目标。

稳健的经济增长也支撑了韩国央行的鹰派立场，亚洲第四大经济体韩国第一季度增长1.8%，第二季度增长0.6%。

今年前八个月，该国经常账户盈余达到2792亿美元，比去年同期增长了四倍多。

韩国央行在8月份将2026年经济增长预期从2.6%上调至3.3%，这意味着在强劲的半导体出口和对人工智能（AI）基础设施的强劲需求的支撑下，韩国经济可能增长高达3.6%。

2026年10月22日，韩国央行行长申铉松在首尔央行总部举行的韩国央行货币政策委员会会议上敲响法槌。（联营照片）（韩联社）

“展望未来，在强劲的半导体行业的推动下，出口和投资预计将保持高增长，而随着收入状况的改善，消费复苏可能会逐步加速，”央行表示。

“预计今年和明年的增长率将远高于8月份预测的3.3%和2.9%。”

申先生表示，韩元走强也提振了近几个月的消费，他指出，韩元兑美元汇率已从6月份的约1560韩元升至约1320韩元。

他说：“韩元升值10%时，最高收入群体的消费能力会提高0.4%。但就实际汇率而言，韩元仍然被低估了。”

由国际清算银行（BIS）编制的有效汇率衡量一种货币相对于主要贸易伙伴货币的价值，并作为国际价格竞争力的指标。

申先生还指出，近期股市的调整在一定程度上影响了消费，但他认为这只是暂时的。

关于货币政策和财政政策的适当协调，申表示，以投资为重点的财政支出与货币紧缩是相容的。

他表示：“财政支出短期内可能通过提振总需求而加剧通胀压力，但长期来看，它可能会推高经济增长率。然而，财政支出需要精心设计，以确保临时措施不会变成永久性措施。”

申东赫还表示，央行预计通胀率将在2028年接近2%的目标。

2026年10月22日，韩国央行行长申铉松（中）在首尔央行总部主持召开韩国央行货币政策委员会会议。（联营照片）（韩联社）

韩国央行表示，将根据通胀趋势、国内经济状况和金融稳定性来决定进一步加息的时机和步伐。

市场专家预计韩国央行将在11月26日举行的下一次政策会议上再次加息。

民调显示，93%的债券专家预计本周利率将维持不变。

分析师预测韩国央行将在即将召开的会议上维持基准利率不变：民调

韩国央行行长强调，在人工智能蓬勃发展和中东危机的背景下，需要抑制通胀。

（第二条）韩国央行行长表示，连续加息为应对金融风险争取了时间。

（第三次）韩国央行在连续两次加息后维持利率在3%不变，暗示将继续收紧货币政策。