South Korea cuts interest rates due to lower inflation and economic slowdown concerns.

South Korea's consumer inflation rose to 1.5% year-on-year in November from 1.3% in October, below economists' expectations of 1.7%. The Bank of Korea (BOK) cut interest rates unexpectedly by 25 basis points to 3%, marking the first double-cut since 2009. The BOK cited a weakening Korean won and slowing exports as factors affecting the economy. The central bank has downgraded its inflation forecasts for 2024 and 2025 to 2.3% and 1.9%, respectively.

December 03, 2024
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