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S. Korea cuts interest rate to record low of 1.75 percent
(MENAFN) South Korea's central bank announced cutting its benchmark interest rate by 25 basis points to reach an all-time low of 1.75 percent last week, Xinhua reported.
It was the first time that the country's policy rate fell below 2 percent. Bank of Korea (BOK) lowered the repurchase rate by 25 basis points each in August and October last year to a record low of 2 percent.
The two-percent interest rate was maintained when the 2008 global financial crisis hit the global economy, including the South Korean economy, the central bank said.
It was the first time that the country's policy rate fell below 2 percent. Bank of Korea (BOK) lowered the repurchase rate by 25 basis points each in August and October last year to a record low of 2 percent.
The two-percent interest rate was maintained when the 2008 global financial crisis hit the global economy, including the South Korean economy, the central bank said.
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