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Asian C.Banks Hold Rates Steady
It's decision day on interest rates for central banks around the Asia-Pacific region. Most are holding rates steady as expected on growing concern over slowing economic growth.A busy week for the region’s central bankers.South Korea’s central bank says it’s holding the benchmark interest rate at 3-and-a-quarter percent for March, leaving the 7-day repo rate unchanged now for nine straight months. The decision is in line with market expectations, which analysts say is due to lingering downside risks to the economy.Kim Chong-Soo, governor of Bank of Korea said: "The Monetary Policy Committee predicted that the recovery of the world economy will be gradual and evaluated that there are elements that are detrimental to development such as the European debt problems and the Middle East region’s geopolitical risks."
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