Korea's central bank has CUT its key rate by a quarter-of-a-percentage point after holding it steady for the last fourteen months.
The move is in line with the government's expansionary policy aimed at boosting the economy still facing threats of further slowdown.
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The Bank of Korea lowered its key interest rate to 2.2-5 percent today marking the first rate cut by the central bank since May, last year.
It cited the sluggish domestic demand brought on my the ferry disaster in April and the business and consumer sentiment that continues to worsen.
The central bank's move comes after the government unveiled a set of aggressive stimulus measures last month, including additional fiscal spending of roughly 11-and-a-half billion U.S. dollars.
Governor Lee Ju-yeol says the cut is a pre-emptive measure to stop the economy from slowing further, while inflationary pressure is low.
"The rate cut together with the government stimulus measures are expected to improve consumer sentiment and contribute to maintaining growth momentum."
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