Bank of Korea cuts rates to all time record low
The bank also aimed to maintain competitiveness in the export market as the country is facing slowing exports of electronics, automobiles and machinery due to lower-cost competitors in Taiwan and China as well as a weakening yen, which have made Japan’s exports more competitive.
The BOK’s interest rate reduction is the latest in a series of rate cuts globally. Previously, Thailand’s central bank unexpectedly lowered its benchmark interest rate by 0.25 basis points to 1.75% in order to boost slowing economic growth.
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