Today the Bank of Korea, South Korea’s central bank, trimmed its key interest rate by 25 basis points to 1.5 per cent. Governor Lee Ju-yeol said ‘’economic circumstances have deteriorated since April. With the rate cut, we took into account the effects of Japan’s trade restrictions’’, reducing forecast growth to 2.2 per cent, lower than the government’s own 2.4 per cent forecast. The first three months of this year saw the country’s worst economic contraction since the global financial crisis.
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