A pedestrian walks past signage for the Bank of Korea successful Seoul, South Korea, connected Monday, Nov. 22, 2021.
SeongJoon Cho | Bloomberg | Getty Images
South Korea connected Thursday chopped its benchmark involvement complaint by 25 ground points to 3% successful a astonishment move, arsenic the state strives to boost its system that has seen tepid growth.
Economists polled by Reuters had estimated the slope to clasp rates astatine 3.25%.
This besides marked the archetypal clip the BOK has enacted 2 back-to-back cuts since 2009. It had chopped rates by 25 bps successful its past gathering successful October.
The Kospi banal scale was up 0.18%, portion the South Korean fell 0.37% to commercialized astatine 1,393.82 against the U.S. dollar.
The complaint chopped follows a weaker-than-expected GDP speechmaking successful the 3rd quarter. South Korea's third-quarter GDP expanded by 1.5% twelvemonth connected year, beneath the 2% expected by economists polled by Reuters.
BOK lowered its GDP forecast to 2.2% for 2024, down from 2.4% forecast successful August, Reuters reported. The full-year maturation outlook for 2025 was chopped to 1.9% from 2.1%.
Inflation successful the state has besides slowed substantially, with the October speechmaking astatine 1.3%, its lowest complaint since February 2021.
This is breaking news, delight cheque backmost for updates.
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