As widely expected, the Bank of Korea (BOK) cut the key interest rate by 0.25bps to the lowest since the South Korean central bank adopts the current policy system at 0.50%. The decision comes, as the BOK board predicts the economy to contract this year, in the face of the coronavirus pandemic led economic shock. The central bank has already announced unlimited bond-buying in its previous meeting to stimulate the economy. Key details “The bank downgraded its 2020 economic projection to a 0.2% decline, from its February forecast for 2.1% growth. “The contraction would be the biggest since the 1998 Asian financial crisis. “ “The BOK also sees inflation for this year at 0.3%, down from 1.0% seen earlier.” On the fiscal front, the government is considering announcing for a third supplementary budget as April exports suffered the worst slump in 11 years. more to come … FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next ASX 200 Index: Bulls break the 50% mean-reversion mile stone FX Street 3 years As widely expected, the Bank of Korea (BOK) cut the key interest rate by 0.25bps to the lowest since the South Korean central bank adopts the current policy system at 0.50%. The decision comes, as the BOK board predicts the economy to contract this year, in the face of the coronavirus pandemic led economic shock. The central bank has already announced unlimited bond-buying in its previous meeting to stimulate the economy. Key details “The bank downgraded its 2020 economic projection to a 0.2% decline, from its February forecast for 2.1% growth. “The contraction would be the biggest since the 1998… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
