South Korea’s central bank stood pat on interest rates for a fifth straight time as widely expected and maintained its 2023 economic growth and inflation forecasts.

The Bank of Korea kept the benchmark seven-day repurchase rate unchanged at 3.50% on Thursday, continuing a pause in its policy tightening amid signs that the economy is cooling, with inflation having eased to a 25-month low of 2.3% last month and exports having declined on year for a 10th consecutive month in July.

The…