Bank of Korea cuts interest rate to lowest level since 2010
Decision prompted by worse than expected business sentiment, governor says
The Bank of Korea (BoK) cut its benchmark interest rate to the lowest level since 2010 in a split decision that governor Juyeol Lee described as a response to "much worse" business sentiment than expected.
The 25-basis point cut to 2.25% follows the announcement of a $40 billion stimulus package by the Korean government on July 24. It saw opposition from one board member, who called for a hold.
In a press conference following today's decision, Lee said the cut was made to prevent weak sentiment
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