South Korea’s central bank on Thursday lowered its key policy rate for the second straight month and said the country’s economy will grow at a slower pace than it initially anticipated.
Following a meeting of its monetary policymakers, the Bank of Korea cut its benchmark interest rate by a quarter percentage point to 3%. The bank lowered its outlook for the country’s economic growth from 2.4% to 2.2% for 2024 and from 2.1% to 1.9% for 2025.
