South Korea's central bank keeps interest rates unchanged, assessing the impact of two consecutive rate hikes.

The Bank of Korea kept its benchmark interest rate unchanged, pausing after a rare back-to-back hike to assess the impact of its policy. On Thursday, the BOK held its seven-day repurchase rate at 3%, matching the forecasts of all 22 economists surveyed by media. The central bank had raised rates by 25 basis points in July and August, marking its first consecutive hikes in more than three years. Policymakers chose to stand pat to observe how households and businesses respond to the previous tightening measures. Governor Shin Hyun-song had previously signaled a gradual approach to rate hikes after the August move, but the bank pledged to maintain restrictive policy until it is confident that inflation is heading toward its 2% target. Markets are now focused on the governor's press conference at 11:10 Seoul time for clues on whether the central bank will resume tightening in November. He will explain the bank's considerations behind its latest policy decision and outline expectations for the future policy path.