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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam S. Korea's central bank puts off key rate hike ANN - Sunday, February 13 Send IM Story Print Seoul (The Korea Herald/ANN) - The Bank of Korea kept its benchmark interest rate for February unchanged Friday despite growing inflationary pressures, which may invite severe criticism in the market. The central bank's Monetary Policy Committee kept the key rate untouched after it raised it by 25 basis points to 2.75 per cent in January. The bank only confirmed its earlier stance for a gradual rate hike. Like several past cases, the decision could be regarded as a policy failure amid the critical situation that the year-on-year growth rate of producer prices came to 6.2 per cent in January, the highest level over the past two years. The growth posted the fastest pace since a 7.8 per cent advance in November 2008, according to data released the same day. Also on a month-on-month basis, producer prices gained 1.6 per cent in January from a month before, climbing for the seventh consecutive month. Furthermore, the rate-setting came right after the BOK unveiled the figure of producer prices trend earlier in the day. The monetary policy committee, ironically, admitted the risky situation as they said in a statement that "the sentiment over high inflationary pressure will continue." BOK Governor Kim Choong-soo also said, "Inflationary pressure surged in January. There is a possibility that consumer price growth will maintain the high level of about 4 per cent for the time being." Many researchers at home and abroad had predicted a rate hike for this month, calling for preemptive measures and they say the BOK has failed to secure its independency as the monetary authority. Woori Futures analyst Choi Dong-cheol speculated that the central bank was pressured to give up a lifting amid the situation under which the Ministry of Strategy and Finance has been skeptical about the monetary tightening. "The ministry has already pledged the target of 5-per cent GDP growth," he said. "The BOK should have raised the rate. I think the bank delayed the hike due to the government's growth-oriented policy." Aside from producer prices, the nation's consumer prices climbed 4.1 per cent in January from a year earlier as a prolonged cold spell, outbreaks of foot-and-mouth disease and higher oil costs added to inflationary pressures. January's growth surpassed the upper ceiling of the BOK's inflation target band. It had put its 2011 inflation projection at about 3.5 per cent. Recommend Send IM Story Print Related Articles Pakistan court orders arrest of ex-president Musharraf Reuters - 2 hours 49 minutes ago Kremlin sees Japan island talks 'losing meaning' AFP - Sunday, February 13 Civil servant in Fujian paid for doing nothing ANN - Sunday, February 13 Taiwan president directs government to monitor commodity prices ANN - Sunday, February 13 Dong devaluation no worry for Thai exports ANN - Sunday, February 13 News Search Top Stories Iraq suicide bomber kills 27 Shiite pilgrims Erik Guay claims ski world downhill gold Greece blasts EU-IMF asset sale demand Obama's high-speed rail faces political challenge Republicans plan cuts to US State Dept, UN contribution More Top Stories » ADVERTISEMENT Most Popular Most Viewed US golfer Woods finds old habits hard to shake Russia loses military satellite: reports US auto sales jump 17 percent in January Dow closes over 12,000 for first time since June 2008 Egypt's Mubarak to step down at September election More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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