Brazil and South Korea cut rates amid economic gloom
The Central Bank of Brazil and the Bank of Korea have both announced cuts to their main policy interest rates, with South Korea lowering the benchmark rate by 25 basis points to 3% and Brazil by 50bp to 8%.
Both central banks cited the weak outlook for the global economy as a major reason behind the decisions. "The committee appraises the trend of economic growth to have weakened more than originally anticipated," the Bank of Korea said. The central bank also referred to signs of deterioration
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