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This photo taken on Nov. 24, 2022 shows the building of Bank of Korea BOK in Seoul, South Korea. South Korea's central bank on Thursday raised its policy rate to curb inflation, delivering six back-to-back rate hikes for the first time. (Photo by Wang Yiliang/Xinhua via Getty Images)
Wang Yiliang | Xinhua News Agency | Getty Images
South Korea's central bank held its policy rate at 2.5%, keeping it steady at an almost three-year low.
South Korea's economy contracted by 0.2% quarter on quarter in the first three months of this year due to weak construction activity and softening export growth, while it remained flat on an year on year basis.
South Korea's Kospi was up 0.74%, while the won strengthened marginally to trade at 1,372.48 against the dollar.
The country is also faces the specter of further economic headwinds after U.S. President Donald Trump threatened to impose 25% tariffs on all South Korean imports in his first batch of "tariff letters."
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