South Korea’s central bank lowered its key policy rate for a second straight month and said the country’s economy will grow at a slower pace than it initially anticipated. Following a policy meeting,

South Korea's central bank cut policy interest rates for a second straight meeting in a surprise move as the economy stalled and inflation slowed more rapidly than policymakers predicted. The Bank of Korea (BOK) lowered its benchmark interest rate by a quarter percentage point to 3.

The Bank of Korea (BOK) lowered its benchmark interest rate by a quarter percentage point to 3.00% at its monetary policy review, an outcome only four of 38 economists polled by Reuters foresaw. All others expected the bank to keep rates unchanged.