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Bank of Korea cuts interest rates to new record low of 1.25%

by ChemOrbis Editorial Team -
  • 09/06/2016 (10:37)
According to media reports, South Korea’s central bank, the Bank of Korea (BOK), unexpectedly cut its policy rate by 25 basis points to a new record low of 1.25% on June 9, although most economists’ expected the bank to keep rates unchanged. This was the first cut since June 2015.

The BOK reportedly stated that they decided to cut rates on reduced expectations of a US rate hike over the summer as well as on sluggish exports and weak domestic demand.

In April, the central bank lowered its 2016 growth forecast for the economy to 2.8% from its previous estimate of 3% amid weaker financial indications from both local and global markets. The BOK also revised down their inflation forecasts to 1.4% from 1.2% for this year.
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