SEOUL, Oct 11 (Askume) – South Korea’s central bank cut interest rates on Friday earlier than widely expected, kicking off an easing cycle in line with global central banks as core inflation slowed and the economy shrank in the second quarter.
The Bank of Korea (BOK) cut its benchmark interest rate (KROCRT=ECI) by a quarter percentage point to 3.25% in a monetary policy review, a result expected by 34 of 37 economists surveyed by Askume .
Governor Lee Chang-de will hold a press conference at around 0210 GMT, which will be broadcast live on YouTube.
