Bank of Korea slashes benchmark rate
The Bank of Korea on Thursday slashed its benchmark interest rate by 1 percentage point to the lowest ever amid growing concerns that the economy may slip into its first recession in a decade next year.
The Bank of Korea set its new benchmark interest rate at 5 percent Friday amid data showing that risks from rising inflation have begun to outweigh those from a slowing economy.The central bank said in a statement that it set the seven-day repurchase rate at 5 percent, the same as the previous benchmark overnight call rate target for loans to commercial banks.