The Bank of Korea cuts interest rates by 25 basis points, lowering the rate from 3.5% to 3.25%
The Bank of Korea has cut interest rates by 25 basis points, lowering the rate from 3.5% to 3.25%. This is in line with market expectations. The GDP shrank in the second quarter, private consumption declined, and the overall inflation rate in September was below the bank's target of 2%.
Analysts say that the Bank of Korea will slow down its pace of interest rate cuts because curbing real estate prices and increasing household debt are still important considerations. Ho Woei Chen, an analyst at UOB said: "Although macroeconomic conditions for cutting interest rates are becoming more apparent, considering financial stability, especially concerns that lower interest rates may stimulate the real estate market, the Bank of Korea will act cautiously."
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