BOK makes unexpected cut in interest rate

The Bank of Korea unexpectedly cut its key interest rate by a quarter percentage point on Thursday 12 August to give a spur to the lacklustre economy.

The Bank of Korea's monetary policy committee held a regular meeting Thursday in which it decided to cut the benchmark call rate target for August by 0.25 percentage points to 3.50 percent. The cut in call rates was the first by the BOK in 13 months since July 2003, when the central bank cut the key short-term rate by 25 percentage points to 3.7

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