Bank of Korea leaves rates unchanged at 3% in a surprise move

The Bank of Korea (BOK) in Seoul on Dec. 28, 2024.

Kim Jae-Hwan | Lightrocket | Getty Images

South Korea’s central bank Thursday held its benchmark policy rate at 3% in a surprise move, having delivered two back-to-back cuts in its previous meetings amid a slowing economy.

Economists polled by Reuters had estimated a 25-basis-point cut.

South Korea’s Kospi was up 1.25% after the decision, while the small-cap Kosdaq index rose 1.69%. The South Korean won strengthened about 0.3% to trade at 1,450.27.

The BOK’s move comes amid political turmoil in the country, with impeached President Yoon Suk Yeol being arrested Wednesday, a first for a sitting South Korean president.

This is breaking news. Please check back for updates.

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