October 11, 2024 01:08 GMT
MNI BRIEF: Bank of Korea Cuts Policy Rate To 3.25% - Press
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MNI (TOKYO) - The Bank of Korea board on Friday decided to lower its policy interest rate to 3.25% from 3.50% as the bank's confidence on lowering inflation grows, Wowkorea reported.
The move was largely anticipated and is the first cut since May 2020. (See MNI BOK WATCH: 25bp Cut Likely, Board To Focus On Debt)
South Korea’s consumer price index rose 1.6% y/y in September, down from 2.0% in August and 2.6% in July, marking the first time below the 2% level since March 2021.
The board next meets on Nov 28.
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