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South Korea: Central bank cuts key rate to 4 per cent.
Text of report in English by South Korean news agency Yonhap
SEOUL, Nov. 7 (Yonhap) - South Korea's central bank slashed its key interest rate Friday for the third time in a month to bolster the slowing economy and hinted at an additional rate cut, citing growing downside risks to growth.
In a monthly policy meeting, the Bank of Korea (BOK) lowered the benchmark seven-day repo rate by a quarter percentage point to 4 per cent, the lowest level since February 2006, saying the economy is likely to cool sharply down the road.
The rate cut, which is in line with market forecasts, comes less than two weeks after the BOK trimmed the rate by a record 0.75 percentage …
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