Bank of Korea expected to cut key rate in October on slow recovery
South Korea's central bank
Seoul - Yonhap
South Korea's central bank is expected to slash its key interest rate in October in the wake of its August rate cut due to a slow recovery in the country's economy and volatile foreign exchange rates, market watchers said Sunday.
In August, the Bank of Korea (BOK) cut the base rate to 2.25 percent from 2.5 percent, the first rate reduction in 15 months, in an effort to lend support to the government's efforts to boost the economy. Last month, the central bank froze the rate as widely expected.
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