Bank Of Korea Pares Benchmark Rate To 2.25%

The Bank of Korea's monetary policy board on Thursday trimmed the nation's benchmark interest rate by 25 basis points to 2.25 percent, in line with expectations. The central bank had kept the rate unchanged for 14 straight meetings - since May 2013, when it trimmed rates by 25 basis points from 2.75 percent to 2.50 percent. "The committee forecasts that the global economy will sustain its modest recovery going forward, centering around advanced economies, but judges that the possibility exists of its being affected by the changes in global financial market conditions stemming from the shift in the US Federal Reserve's monetary policy stance, by the weakening of economic growth in some emerging market countries and by geopolitical risks," the bank said. The move is seen as a complement to last month's government stimulus plan, and it takes the benchmark to its lowest level since November 2010. Inflation remained comfortably manageable in July, allowing the central bank to take action.
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