Central Bank in South Korea, to boost economy, cuts interest rates.Madeinkoreablog
SEOUL, Oct 15 – South Korea’s Central bank in South Korea on Wednesday for the second time in three months cuts its policy interest rate, in line with the speculations of markets and aiming to add momentum to an recovery of the economy that is proving little slow to take off.
The monetary policy committee of the Bank of Korea cut its base rate by 25 basis to 2.00 percent and polled by Reuters, of the 30 analysts, 18 forecast the Bank of Korea would cut its policy rate at Wednesday’s meeting and while the rest saw a hold.
Since the middle of 2010, the Wednesday’s move brought the rate the monetary policy to the lowest. To keep the lowering rates to boost the economy after finance, the Government has been seen as pressuring the central bank.