World Economy

S. Korea Rate Unchanged

S. Korea Rate UnchangedS. Korea Rate Unchanged

South Korea’s central bank on Friday kept its record-low interest rate unchanged for an 11th straight month, despite a slowdown in economic growth, AFP reported. The Bank of Korea has kept the benchmark inter-bank lending rate at 1.5% since June last year. The latest decision came as Asia’s fourth-largest economy struggles with growing jobless woes, mounting consumer debt and falling exports in the face of slowing global demand. Exports, which account for nearly half of the country’s economy, fell 11% in April from a year ago—the 16th straight month of decline.