Virus outbreak prompts Bank of Korea rate cut
Middle East Respiratory Syndrome taking toll on people and economy
The Bank of Korea has cut its headline interest rate amid fears over the economic impact of deadly Middle East Respiratory Syndrome (Mers) on the domestic economy.
The monetary policy committee cut rates from 1.75% to 1.5% today (June 11). "The committee judges that the downside risks to the domestic growth path forecast in April have expanded, owing mostly to the sluggishness of exports and to the impacts of the Mers outbreak," the central bank said.
Mers broke out in Saudi Arabia in 2012
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