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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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