Bank of Korea Lifts Growth Forecasts as Keeps Rate Unchanged

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The Bank of Korea raised its growth forecast for this year after leaving its key rate unchanged as Governor Lee Ju Yeol said the priority is to spur Asia’s fourth-biggest economy while ensuring price stability.

Meeting for the first time since Lee took the helm last week, the policy board left the seven-day repurchase rate at 2.5 percent for an 11th straight month, according to a statement released in Seoul today, as forecast by all 18 economists in a Bloomberg News poll. The BOK lifted its 2014 growth projection to 4 percent from 3.8 percent, Lee said at a press conference.