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