Bank of Korea cuts interest rate to lowest level since 2010

Seoul, Korea

The Bank of Korea (BoK) cut its benchmark interest rate to the lowest level since 2010 in a split decision that governor Juyeol Lee described as a response to "much worse" business sentiment than expected.

The 25-basis point cut to 2.25% follows the announcement of a $40 billion stimulus package by the Korean government on July 24. It saw opposition from one board member, who called for a hold.

In a press conference following today's decision, Lee said the cut was made to prevent weak sentiment

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