SEOUL, South Korea (AP) — South Korea’s central bank lowered its key interest rate to a record low Wednesday as it tries to bolster a fragile economic recovery. The bank also downgraded its growth forecasts for Asia’s fourth-largest economy.
The Bank of Korea trimmed the key rate by a quarter of a percentage point to 2 percent for October. It was the second rate cut this year after the central bank lowered lending costs in August following a deadly ferry disaster, the shock of which dented retail sales and other spending.
Recommended Stories
Print subscriber? Click here to login/register your account
Digital subscriber? Click here to login/register your account.