S. Korea freezes interest rate at record low of 0.50 pct

SEOUL, July 16 (Xinhua) -- South Korea's central bank froze its benchmark interest rate at a record low on Thursday to see the effect of the previous rate cuts earlier this year amid lingering worry about an economic fallout from the COVID-19 outbreak. Bank of Korea (BOK) Governor Lee Ju-yeol and other monetary policy board members decided to keep the seven-day repurchase rate on hold at an all-time low of 0.50 percent. The rate freeze decision was in line with market expectations. According to a Korea Financial Investment Association (KFIA)...