The Bank of Korea’s board voted to cut the base rate by 25 basis points to 0.50%, the lowest since the bank adopted the current policy system in 1999. The cut was predicted by 12 of 19 analysts in a Reuters survey.
The BOK carried out an emergency 50 basis point cut in March and pledged unlimited liquidity through June via repurchase agreements.
Governor Lee Ju-yeol holds a news conference that will be livestreamed at 0220 GMT where he may announce revised growth and inflation forecasts, as well as additional policy measures such as government bond purchases.
