Bank of Korea cuts benchmark lending rate by 25 basis points in a surprise move

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Bank of Korea cuts benchmark lending rate by 25 basis points in a surprise move

A pedestrian walks past signage for the Bank of Korea in Seoul, South Korea, on Monday, Nov. 22, 2021.

SeongJoon Cho | Bloomberg | Getty Images

South Korea’s central bank on Thursday cut its benchmark interest rate by 25 basis points to 3% in a surprise move.

Economists polled by Reuters had estimated the bank to hold rates at 3.25%.

This is the second straight cut as the Bank of Korea lowered rates by 25 basis points in its last meeting in October as well.

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The Kospi stock index was up 0.18%, while the South Korean fell 0.37% to trade at 1,393.82 against the U.S. dollar.

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