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(Seoul=NSP NEWS AGENCY) = The Monetary Policy Board of the Bank of Korea (BOK) decided to cut the benchmark interest rate for the last time this year. This is just one month after the last one. The Board has found greater risks in sluggish domestic demand and exports amid soaring household debt and fluctuation in exchange rate.

The Monetary Policy Board of the BOK dropped the benchmark rate by 0.25 percentage points on the 28th of November. As a result, the rate dropped from 3.25% to 3.00%.

The BOK decided to lower the benchmark rate rather than holding it steady due to the possibility of sluggish exports followed by the re-election of the former U.S. President Donald Trump.

Along with the rate cut, the BOK lowered its growth rate projection for next year from the current 2.1% to 1.9%. This year’s growth rate has been downgraded from the current 2.4% to 2.2%.

By Geul-sam Kwon(gulsam2049@nspna.com) and Soo-in Kang(sink606@nspna.com)

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