South Korea reduces interest volumes by 25 units
Date
11/30/2024 7:00:01 AM
(MENAFN) The South Korean central bank on Thursday reduced its base interest volume by 25 basis units to 3 percent, shaping the second sequential month-on-month cut and the smallest volume since October 2022.
The Bank of Korea quoted intensifying downward tension on economic development, stabilized inflation, and a decline in household loan as main reasons for the conclusion.
Despite surged exchange volume volatility, it is good to further lower the base volume to mitigate downside threats to the economy, the bank said.
The bank projects inflation to stay steady despite upward tension from an increasing exchange volume, thanks to decreasing international oil prices and subdued demand.
Inflation is expected to come in at 2.3 percent in 2024 and 1.9 percent in the upcoming year, reviewed down from the prior expectation of 2.5 percent and 2.1 percent.
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