SEOUL, Oct. 19 (Xinhua) -- South Korea's central bank on Thursday raised its 2017 growth outlook for the economy by 0.2 percentage points to 3 percent.
Bank of Korea (BOK) Governor Lee Ju-yeol told reporters after the rate-setting meeting that the growth forecast for this year was revised up to 3 percent from 2.8 percent predicted three months earlier.
The central bank set its 2018 growth outlook at 2.9 percent, roughly in line with the economy's growth potential.
Earlier in the day, the BOK decided to keep its benchmark rate on hold at an all-time low of 1.25 percent. The rate was maintained at the level since June last year.
It was not a unanimous decision as one policymaker claimed a 25-basis-point rate increase, indicating a rate hike by the end of this year.
Governor Lee said at the press conference that conditions were mature more or less to lessen the accommodative monetary policy.
