Korean rate cut follows global trend but takes analysts by surprise

Bank of Korea, Seoul

South Korea has become the latest major economy to cut its benchmark interest rate, taking some observers by surprise with a base rate move from 2.75% to 2.5%, following a spate of monetary easing in Australia, India and Europe – in addition to Japan's ‘qualitative and quantitative' easing strategy.

In a statement, the Bank of Korea's Monetary Policy Committee (MPC) said economic growth in the country "remains weak", with a rise in unemployment and a further fall in inflation from 1.3% per annum

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