S.Korea lowers policy rate by 25 basis points to 1.50 pct

Source: Xinhua| 2019-07-18 09:35:12|Editor: Shi Yinglun
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SEOUL, July 18 (Xinhua) -- South Korea's central bank unexpectedly lowered its policy rate by 25 basis points to 1.50 percent on Thursday.

Bank of Korea (BOK) Governor Lee Ju-yeol and six other monetary policy board members cut its benchmark seven-day repurchase rate to 1.50 percent from 1.75 percent.

It was not in line with market expectations. According to a Korea Financial Investment Association (KFIA) survey of 200 fixed-income experts, 70 percent predicted a rate freeze.

The BOK hiked the policy rate by a quarter percentage to 1.75 percent in November last year, but the bank reversed its tightening monetary policy direction this month.

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