Bank of Korea (BOK) in Seoul, December 28, 2024.
Kim Jae-Hwan | Light racket | Getty Images
South Korea's central bank kept its benchmark interest rate at 3% on Thursday in a surprising move after making two consecutive cuts in previous meetings amid a slowing economy.
Economists polled by Reuters estimate a cut of 25 basis points.
South Korea Kospi following this decision, it increased by 1.25%, while the Kosdaq small-cap index increased by 1.69%. The South Korean won strengthened by about 0.3% to 1,450.27.
The BOK's move comes amid political turmoil in the country following the arrest on Wednesday of indicted President Yoon Suk Yeol, the first ever for a sitting South Korean president.
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