SEOUL: Grappling with its first recession since the 1997/98 Asian financial crisis, South Korea cut interest rates to a record low of 3.75% yesterday and slashed its growth forecast for the year.
Bank of Korea governor Park Seung said that with inflationary pressures receding, the quarter percentage point rate cut was needed to bolster an economy battered by the North Korea nuclear crisis, a big corporate scandal and labour unrest.
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