Bank of Korea Interest Rate Cut Surprises

South Korea’s central bank cut interest rates for the first time in seven months on Thursday, overthrowing market consensus for a hold, as weak industrial growth suggests the economy is not recovering as quickly as expected.

The Bank of Korea’s monetary policy committee cut its base rate by 25 basis points to 2.50 percent, a media official said without elaborating.

Thursday’s decision brought interest rates to their lowest since early 2011.

CNBC

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