SEOUL, Mar 12: South Korea’s finance minister said the Bank of Korea’s decision on Thursday to cut rates for the first time in five months in a surprise move will help boost the weak economic recovery as well as persistently low inflation. “The rate cut was a pre-emptive move that took into consideration all circumstances inside and outside the country”, Finance Minister Choi Kyung-hwan told reporters on the sidelines of a meeting in Seoul.
With the rate cut, which brought South Korea’s base rate to a record-low 1.75 percent, the central bank joins the ranks of other economies which have recently taken advantage of lower inflation to ease monetary policy to spur sluggish growth. (AGENCIES)^^^^
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