South Korea’s central bank lowered their internet rates by another 25 based on the points. That is undoubtedly the most surprising move of Thursday. The bank warned that economic growth was likely to slow down in coming year. The Bank of Korea reduced the benchmark interest rates by a quarter percentage to 3.00% and it is a monetary policy review. That is widely expected to leave the rate unchanged to the support of the Korean won against the strong US dollar.
This rate slice comes up as the policymakers strive to boost the unhurried economy that narrowly bypassed the technical recession earlier this year. South Korea’s third-quarter gross domestic products expanded by 0.1% quarter on quarter. That was weighed down by declining exports and tepid-type consumer spending.
The central bank expects a slower version of the GDP growth in 2025 through 1.9%. That can be compared to its August forecast by 2.1%. The South Korean won weakened sharply from Thursday. The USD/KRW paired up 0.5% which is near about 0.5% right after the BoK’s decision.
The central bank cut interest rates for the first time since mid-2020, providing relief to households facing high borrowing costs in 16 years. ProPicks AI identified stocks that surged over 150%, 30%, and 25% in 2024, offering wealth-building strategies tailored for Dow, S&P, Tech, and Mid Cap stocks.
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