Bank of Korea cuts rates back to record low
Governor hints at further cuts after year-on-year inflation entered negative territory in September
The Bank of Korea cut its policy rate for the second time this year on October 16, back to its record low level of 1.25%.
The 25-basis point cut took the BoK’s base rate to the level it was last seen at in late 2017. South Korea’s year-on-year consumer price index moved into negative territory, at –0.4%, in September. The country is Asia’s fourth-largest economy and is currently facing declining exports and slowing GDP growth.
The BoK’s monetary policy board voted to reduce the benchmark rate
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