Won at 20-month low following record BoK rate cut
Korean Central bank cuts benchmark interest rate to 1.75%, an all-time low
The Bank of Korea (BoK) today cut its benchmark interest rate to an all-time low in a bid to stave off deflation and counter slowing growth, pushing the country's currency to a 20-month low against the US dollar.
The BoK lowered its seven-day repurchase rate by 25 basis points to 1.75%, in a move that surprised analysts and saw two members of the seven-strong monetary policy committee dissent.
The move caused the won to drop to its lowest level against the dollar in nearly two years. It had
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