Bank of Korea reduces short-term rate to 5%

The Bank of Korea lowered on Feb. 8, 2001 its key short-term-rate target by a quarter point, signaling the need to bolster the sagging economy had overtaken previous concerns about inflationary pressures. The central bank's monetary policy committee cut its target for the overnight call rate to 5% from 5.25%. The decision came a day after Deputy Prime Minister Jin Nyum strongly hinted at a rate cut. The rate was last changed in October 2000 when it was raised a quarter point on concerns about

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