The Bank of Korea kept its benchmark interest rate unchanged on Tuesday, as forecast by economists.

The central bank kept its benchmark seven-day repurchase rate at 1.5 per cent, in line with economists’ estimates compiled by Reuters.

In a note ahead of the policy decision, Societe Generale said it forecast no change for February, but it expected a 25-basis point hike in May which “hinges on a pickup” in first-quarter growth in 2018.

In a widely expected move in November, the central bank raised rates by 25 bp, the first large Asian economy to raise interest rates since 2014.

The South Korean won was steady against the dollar at Won1,069.20 following the central bank’s decision.

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