Bank of Korea’s Base Rate Reduced 50 Basis points to 0.75%
March 16, 2020
The Bank of Korea’s base rate was reduced to new record low of 0.75%. Like the Fed, Reserve Bank of New Zealand, and Monetary Authorities of Hong Kong and Macau, the BOK acted between scheduled policy meetings. Korea’s rate benchmark had been 1.25% since a pair of 25-basis point cuts in July and October of 2019. Korea has coped with over 8,000 identified coronavirus cases and over 70 deaths. A released statement suggests that today’s easing was triggered greatly by the falling stock market. “The Board judged that further monetary policy accommodation is called for in order to ease volatility in the financial markets and reduce the effects on future economic growth and inflation.”
Copyright 2020, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Bank of Korea
ShareThis
