South Korea cuts key rate for first time in three years
By Kim Joo-heonPosted : October 11, 2024, 09:59Updated : October 11, 2024, 10:11
Bank of Korea Gov. Rhee Chang-yong presides over a Monetary Policy Committee meeting at the central bank in Seoul on Oct. 11, 2024. Yonhap
SEOUL, October 11 (AJP) - The Bank of Korea cut its key interest rate on Friday for the first time in over three years, marking a shift in monetary policy aimed at boosting a sluggish economy amid easing inflation concerns.
The central bank lowered its benchmark seven-day repurchase rate by 25 basis points to 3.25 percent, the first reduction since August 2021. The move ends a prolonged tightening cycle and signals a pivot toward supporting economic growth.