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U.S. markets recover from steep losses
SEOUL, Sept. 7 (UPI) -- South Korea Friday left its call rate unchanged, concerned more about the U.S. subprime mortgage crisis’ impact than its own rising liquidity.
Bank of Korea, the country’s central bank, kept the September call rate, which is the interest charged on overnight interbank loans, at 5 percent which came after hikes in July and August to curb liquidity and consequent rise in inflation.
Yonhap news agency reported Bank Gov. Lee Seong-tae as saying South Korea’s domestic real economy hasn't been affected by the instability in global financial markets but said the increased volatility has potential downside risks for the United States which is South Korea’s major export market.
Lee, however, didn't change the bank’s earlier growth forecast of more than 4 percent for the country for the whole year.
Yonhap said market watchers had widely anticipated the latest rate freeze as the central bank awaits the effects of its previous rate increases.
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