South Korea's central bank cuts lending rate to record low of 1.75%
March 12 , 2015
The central bank of South Korea has cut the key lending rate to 1.75%, a record low.
The bank’s surprise move to cut the rate by 25 basis points was the first in five months.
Other economies in the region have also cut interest rates recently in a bid to boost economic growth. Analysts say further cuts by the Bank of Korea can be expected in 2015.
Lee Ju-yeol, the bank governor, said the step was taken as the economy “was not growing as much as thought”.