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Bank of Korea cuts interest rate to all time low of 1.5%

by ChemOrbis Editorial Team -
  • 11/06/2015 (13:51)
According to media reports, South Korea’s central bank, the Bank of Korea (BOK), cut its policy rate by 25 basis points to an all time low of 1.50% on June 11 due to the negative economic atmosphere stemming from rapid spread of Middle East Respiratory Syndrome (MERS) since late May.

The BOK reportedly stated that they decided to cut rates on concerns that an increased number of MERS cases would deepen public anxiety and thereby negatively affect consumer spending. In addition to MERS, the slowing Chinese economy, which is South Korea’s largest export market, has also negatively affected the country’s exports and factory activity.

Economists also commented that if MERS cases are seen more often, tourism and domestic sentiment will be severely affected and that another rate cut and fiscal stimulus could be possible in the future.
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