The Bank of Korea stuns markets by cutting rates

Picture: Getty Images

South Korea’s central bank, the Bank of Korea (BoK), stunned financial markets on Thursday by cutting interest rates to a record-low level of 1.25%.

It’s the first time the BoK has eased policy since June 2015. Only 4 of 23 economists polled by Thomson Reuters were expecting a policy easing at this meeting.

BoK governor Lee Ju-yeol will hold a news conference from 11:20am in Seoul (12.20pm AEST).

South Korea is a G20 nation and the world’s 11th largest economy, and a major exporter of high-tech products and cars, including Samsung and Kia.

More to follow…

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