Office of the President "Respects the decision to cut interest rates...It will help to recover domestic demand"

Regarding the Bank of Korea's Monetary Policy Committee's lowering of the benchmark interest rate today (28th), the president's office said that a lower interest rate would help revive domestic demand.

A senior official from the president's office said in a call with YTN that he respects the Monetary Policy Board's decision.

Earlier, the Bank of Korea's Monetary Policy Committee lowered its key interest rate by 0.25 percentage point to 3 percent from 3.25 percent, in defiance of market expectations.

This is the second consecutive cut after lowering interest rates from 3.50% to 3.25% on the 11th of last month.