South Korea’s central bank has lowered its key policy rate for the second straight month and says the country’s economy will grow at a slower pace than it initially anticipated. The Bank of Korea cut its benchmark interest rate by a quarter percentage point to 3% after policymakers met Thursday.
FILE - People pass by the headquarters of the Bank of Korea in Seoul, South Korea , Oct. 16, 2019. SEOUL, South Korea — South Korea ’s central bank on Thursday lowered its key policy rate for the second straight month and said the country’s economy will grow at a slower pace than it initially anticipated.
It was the second straight month that the bank took steps to lower borrowing costs and expand money supply, despite the lingering effects of high inflation and alarming levels of household debt, as concerns grow about a faltering economy. The bank said the country’s trade-dependent economy is facing growing uncertainties in global economic trends and inflation, which it said could be impacted by the policies of the new U.S. government led by Donald Trump and ongoing geopolitical conflicts.
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